Technical Analyst, Saxo Bank Group
For DAX to reverse medium-term down trend a close above 13,565 is needed.
GER40 cfd/DAX future closed Friday above falling trendline. Strong resistance at around 13,570. RSI showing positive sentiment with no divergence indicates higher levels.
However, if GER40 slides back below the falling trendline followed by a close below 12,938 the current short-term uptrend could resume.
If RSI closes below its rising trend line that would confirm that picture.
EuroStoxx50 has reached 1.618 projection of the double bottom pattern. There is room up till strong resistance around 3,683. A correction over the next couple of days should be expected.
RSI is showing positive sentiment with no divergence but if RSI closes below its rising trendline selling pressure could resume and accelerate. If EuroStoxx50 drops back below 3,558 support at around 3,484 is likely to be tested.
It is followed by a close below 3,422 bear trend is confirmed, and September low is likely to be tested.
Medium-term EuroStoxx50 bounced off 0.786 retracement now hovering around its 200 weekly SMA. To confirm uptrend a close above 3,683 is needed for a move towards 3,820-3,857.
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