CAC reopens below 7,400

Last week the CAC 40 fell back to a low at 7,315 later on Thursday afternoon. The rebound that followed on Friday saw the index reclaim and close above the 7,400 handle. The CAC closed on Friday, at 7,409. However, the index has just kicked off the new week and it has resumed live trading below that 7,400 handle. It is going to be an uncertain week ahead of course and it is worth noting the index is still camped below its 50, 100 and 200 day moving averages. The closest of those on the topside is the 100 day, in place now at 7,518. The CAC 40 is trying to rebound off the opening lows, but it is worth noting the high seen on Friday was set at 7,434 and that could be the first level of resistance to note this morning. The low seen on Friday was set at 7,358 and similarly that could be the first level of support. The index is right now trading at 7,401