European stocks edge lower; U.S. political uncertainty weighs
European stock markets edged lower Wednesday, as investors cautiously studied the U.S. midterm election results as well as a number of corporate earnings.
At 03:55 ET (08:55 GMT), the DAX index in Germany traded 0.6% lower, CAC 40 in France fell 0.2%, and the FTSE 100 futures contract in the U.K. dropped 0.3%.
European investors are awaiting the results from the U.S. midterm elections, with Democrat President Joe Biden’s legislative agenda under threat.
The latest results point towards the Republicans taking control of the House of Representatives, creating the potential for political gridlock, while the race for command of the Senate looks too close to call.
Given the contentious nature of U.S. politics, it may take days for a clear picture to emerge.
Back in Europe, there have been a number of significant quarterly corporate earnings to digest.
CAC 40 Technical Analysis: Daily Chart
In the daily charts, CAC 40 is trading an up channel. CAC 40 is currently trading above all SMA.
RSI is in buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.
Its immediate support is 6373.70 & the resistance level is at 6486.90.
CAC 40 INDEX will trade in up channel until there is trend reversal.
How to Trade CAC 40 INDEX this Week:
CAC 40 INDEX will follow the uptrend until there is trend reversal. So, remain bullish on CAC 40 INDEX.
