European shares close the session with gains

Most of the major European stock indices are closing date with gains. Spain’s Ibex led the way. Italy’s FTSE MIB was a laggard and the holy major indices to fall on the day.

A snapshot or closing levels shows:

  • German DAX, +0.77%
  • France CAC, +0.56%
  • UK FTSE 100, +0.35%
  • Spain’s Ibex +1.11%
  • Italy’s FTSE MIB, -0.37%

Looking at the daily chart of France’s CAC index, the price last week bottomed on Wednesday right near the 200-day moving average at 7288.47 (currently – see green line on the chart below).

The price moved higher on Thursday but fell on Friday after making a new high. Today’s gains extended above the high from Friday at 7446.82. The high price reached 7453.21.

The move away from the 200-day moving average kept the buyers more in control. Going forward, it also remains a key barometer for the buyers and sellers (along with the 100 day MA at 7239.60 – blue line on the chart above). Staying above is more bullish. Moving below is more bearish.

This article was written by Greg Michalowski at www.forexlive.com. Source