Binary options on CAC40 fell by ome 0.87 % on Tuesday’s trading session with closing underlying asset prices at 3’074.89. Binary traders have been the main buyers of binary put options on the index, as tensions with Spain debt is mounting each day. The CAC40 still remains under pressures and binary traders could eyes for lower prices over next sessions.
Since late June, binary traders have been mainly buying binary “call” options on the CAC40 and pushed prices inside an clearly uptrend channel to reached the 38.2% Fibonacci retracement resistance. During last week, binary traders have started to buy binary “put” options and pushed prices below the 50% Fibonacci retracement. It was acting as a main support. Currently the CAC40 is trading below the lower line of the channel and could looks forward to test the 61.8% Fibonacci support at 3’043.65. A break below those levels could accelerate the fall to the target at 2’995.97. On the upside view, a retest on the lower line of the channel, which is acting as the main resistance at 3’106.34, and is not excluded for the time being.
The information in the above analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.