The atmosphere remained rather cautious at this eventful weekend, investors taking the time to digest the latest corporate publications.
Carrefour (+5,54%), LVMH (+3,92%) et Nexity (+13.54%) ended the week in positive territory, while Michelin (-3,36%) et Valeo (-5.37%) closed in the red.
On the other side of the Atlantic, Wall Street chained a series of records this week, supported by a first salvo of highly solid business results and some advanced on the commercial front.
The attention is now focused on the monetary policy meeting of the Federal Reserve, scheduled for next week. If no rate adjustment is expected, investors hope for clear signals regarding the future orientation of monetary policy.
On the political level, the climate has appeased: visiting the Fed headquarters, Donald Trump has dismissed any intention to dismiss Jerome Powell, ending the recent speculations around a possible destitution.
On the future August
THE resistances are : 7848.5 and 7904 or even 7927.5 then 7967.5 8009 even or even 8021 then 8090.5 and 8126.5 or even 8153.5 then 8189.5 and 8257.5 then 8384 even or even 8716 Then 8890 et 9340.
THE supports are : 7815 or even 7787 and 7772 then 7757 or even 7742 or even 7720 then 7709 and 7666 or even 7633.5 then 7599.5 and 7571 even 7553 then 7526 even 7507.5 and 7480.
In intraday, the bias is lower under 7866 points.
Graphically, the future CAC 40 (see graph in data 14 hours) did not fully validate the Haussier signal of July 23. The failure to cross the formation in a double summit in place since April 30 – a major resistance area between 7904 and 7930 points – was accompanied by an outing from the bottom of a short -term bullish channel, thus reinforcing corrective bias.
This bullish movement, which remained without relay, could now give way to a phase of horizontal consolidation. In the event of the support of the support defined by the opening levels of the sessions of July 15 and 22, as well as by the Mobile average 50 in 14 hours data around 7752 points, this would result in shortness of rise of the upward dynamics and could open the way to an acceleration of consolidation under 7720 points.
On the side of technical indicatorsthe configuration remains relatively neutral, both with regard to the histograms of the MacD and the RSI. The volumes are higher than the average, but the candle of July 24, marked by a downstream swine, arouses questions about the solidity of the current dynamics.
To contrarya fence under the invalidation zone of the current recovery, located between 7752 and 7720 points, would indicate a resumption of the consolidation phase towards the 7665 points – a threshold corresponding to the high terminal of the medium -term lower canal and a technical alert zone.
In the event of a break in this level, profits could intensify, resulting in an acceleration of consolidation around 7,600 points at first.
In conclusionwe adopt a more cautious posture in the management of dynamic and investors portfolios, in a context where technical signals are weakening. The in progress calls for vigilance, as long as its trajectory is not clearly established. We therefore remain in the observation phase, ready to adjust our allowances according to the evolution of graphic configurations and the perception of risk by the markets, in an environment always marked by macroeconomic, commercial and geopolitical uncertainties.
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