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Technical Update - DAX/GER40 in confirmed uptrends with 3% upside potential. EuroStoxx50/EU50 testing resistance

Technical Update - DAX/GER40 in confirmed uptrends with 3% upside potential. EuroStoxx50/EU50 testing resistance

Equities 3 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

  • With the close yesterday above key resistance levels DAX /GER40 have confirmed uptrend with 3% upside potential
  •  EuroStoxx50/EU50 is testing key resistance. A break and close above is likely which could be followed by a 2-3% bullish move


DAX closed yesterday well above the key resistance at around 18,192 and the 0.618 retracement at 18,208.

Strength indicator RSI closed back above 60 threshold indicating DAX is quite likely to move higher in coming weeks.
A bullish move to the 1.382 projection possibly even to the 1.618 projection of the April correction at 18,926 and 19,148 respectively is in the cards.

A daily close below 17,875 is required to demolish the bullish outlook.


dax d 0805
Source all charts and data: Saxo Group
GER40 CFD have taken out resistance at 18,236 and is close to test the previous peak and all-time high. Potential to 19,012 i.e., the 1.382 projection of the correction.
A close below 17,868 will demolish the bullish outlook.
ger40 d 0805

EuroStoxx50 is currently testing key resistance at around 5,035 and the 0.618 retracement. A daily close above the index has broken its range trading behaviour and is building an uptrend.

If RSI, already in positive sentiment, is closing back above 60 threshold the bullish trend is further confirmed. That would give upside potential short-term to around 5,200.
The two vertical arrows are indicating the range bound area being shifted higher, which is quite close to the 1.382 projection of the April correction.

A daily close below 4,888 will reverse the bullish trend.

stoxx50 d 0805
EU50 CFD levels: Testing key resistance at around 5,035. EU50 is above the cloud and RSI in positive sentiment indicating EU50 is likely to push higher to the previous peak at 5,120 and potentially up to 5,239.

A close below 4,883 will demolish the bullish scenario.
eu50 d 0805

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