. Index News - CAC 40 Price & Technical Analysis Forecast - 02 November 2022

Index News – CAC 40 Price & Technical Analysis Forecast

02 Nov 2022

European Stocks Edge Higher; GSK Shines Ahead of Fed Rate Decision

European stock markets edged higher Wednesday, continuing the recent positive trend as investors digest more corporate earnings ahead of the conclusion of the crucial Federal Reserve policy-setting meeting.

At 04:55 ET (08:55 GMT), the DAX futures contract in Germany traded 0.2% higher, CAC 40 futures in France climbed 0.5% and the FTSE 100 futures contract in the U.K. rose 0.2%.

The quarterly earnings season continued in Europe Wednesday, with GSK (LON:GSK) stock climbing 1% after the British drugmaker raised its 2022 forecast for the second time in four months, boosted by better-than-expected third-quarter earnings, driven by higher sales of its blockbuster shingles vaccine Shingrix.

Novo Nordisk (NYSE:NVO) stock rose 4.4% after the Danish drugmaker raised its full-year earnings outlook on strong sales of diabetes treatment Ozempic, while Straumann (SIX:STMN) stock rose 4% after the Swiss dental implant’s maker raised its 2022 organic sales growth outlook.

Next (LON:NXT) stock rose 3.7% after the U.K. fashion retailer reported a better-than-expected uptick in revenue in the third quarter thanks to a September jump in demand for bulkier items that helped offset a slide in digital sales.

On the flip side, Maersk (CSE:MAERSKb) stock fell 4.5% after the shipping group warned of slowing demand for transport and logistics as a global recession looms, while Wizz Air (LON:WIZZ) stock fell over 7% after the budget airline posted an operating loss of 63.8 million euros for the March to September half, even while it announced plans to grow its capacity by 35% in the six months to the end of March.

CAC 40 Technical Analysis: Daily Chart

In the daily charts, CAC 40 is trading in 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 6245.00 & the resistance level is at 6395.60.

CAC 40 INDEX will trade in an 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.

TRADE SUGGESTION- BUY AT 6315.00, TAKE PROFIT AT 6395.60 AND STOP LOSS AT 6245.00