France: Carrefour surrenders to the moving average negativity – Analysis – 8-8-2018

Carrefour shares price ended the positive correction by facing the moving average 55, to form new resistance at 15.60 as appears on the chart, while the price consolidation within the bearish channel along with the indicators showing negative momentum will confirm the preparation to build new negative trades, expecting to move towards 14.55 followed by attempting to press on the previously recorded low at 13.00.

We should note that succeeding to breach the moving average 55 and getting a daily close above it will bring the price back to the correctional bullish track, and opens the way to reach 16.50 followed by 17.80 levels.

Expected trading range for today is between 15.60 and 14.55

Expected trend for today: Bearish