Katie Stockton breaks down the chart in the iShares MSCI France ETF (EWQ).
The French stock market has been subject to volatility surrounding political news, resulting in a sharp pullback in June. The CAC 40 , the primary benchmark, has corrected nearly 10% since peaking in March. Despite the pullback, a primary uptrend remains in place for the CAC 40, in addition to the related iShares MSCI France ETF . Both proxies for French stocks appear to be finding their footing, which suggests that the market is welcoming the latest news regarding the election.
shows signs of downside exhaustion near key support, a natural place for a rebound, which would be constructive for French benchmarks. Additionally, French energy giant TotalEnergies has an intermediate-term oversold 'buy' signal that suggests its correction has matured. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here .
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