France 40 under pressure

Europe

European stocks slumped Monday, with France's CAC-40 leading declines with a 1.68% slide, following European Parliament elections on Sunday that showed a surge in support for far-right parties across the world's biggest economic bloc.

France 40 Technical Analysis

The chart shows a downtrend in the 1-hour timeframe with lower highs and lower lows.

The current price is around 7799.0.

Moving Average: The price is below the 50-period moving average (the blue line), indicating a bearish trend. -

Support and Resistance: - Current Support: 7790 (price is hovering around this level). - Next Significant Support: 7750. - Resistance: 8000 (a previous high and psychological level). -

Stochastic RSI: Currently in the oversold territory, suggesting a possible short-term reversal or consolidation. -

MACD: The MACD line is below the signal line, confirming the bearish sentiment.

The overall sentiment appears bearish in the France 40 CFD on the 1-hour timeframe. Key technical indicators and price action suggest that the market is currently weak, though the presence of oversold conditions in the Stochastic RSI could hint at a potential short-term reversal.

If price breaks below the 7790 support level, a move towards the Significant Support around the 7750 level is likely.

If the price continues to rise, then the 7900 level around the 50-period moving average will be a strong level of resistance.

Corporate

Apple closed down 1.9% after its WWDC event failed to ignite enthusiasm; Apple (AAPL) announced at the WWDC its Vision OS2 and expanded Apple Vision Pro to eight new countries, while it also announced Apple Tap to Pay and confirmed a deal with OpenAI to integrate ChatGPT for iPhones. iPads and Macs.
Elon Musk also was adamant that should apple go with adding ChatGPT to its core UI, then he will require employees to leave their Iphones at the entrance and place them in a Faraday cage (cage that blocks transmission to online services).
NVIDIA – NVIDIA traded its first trading day yesterday after the 10 for 1 stock split, where one whole share can now be bought for $120 instead of $1200.

World

US President Biden is to lift the ban on allowing a controversial Ukrainian unit to use US weapons, according to The Washington Post.

Commodities

Gold prices tumbled as a solid US non-farm payroll report and China slowing down its gold purchases.

Earnings

Thursday: Adobe.

Crypto

Blackrocks spot Bitcoin ETF surpassed 300,000 BTC in assets under management just five months after launching.

Data

In the afternoon, the Fed will wrap up its meeting with a Jerome Powell press conference. The Fed is pretty much a lock to hold interest rates at their current level.

Events

Wednesday 12 June:
Chinese inflation rate YoY, UK GDP MoM, US core inflation rate YoY, US inflation rate YoY, US Fed interest rate decision.