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Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
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Technical Update - AEX 25, BEL 20 & CAC 40
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: AEX 25 and CAC 40 indecisive but indicators point to lower Index levels. BEL 20 bouncing off support but struggling to get back above 200 Moving Average
AEX 25 bounced from support at 712 to just below resistance at around 741. The Index is in a downtrend (lower lows and lower highs). RSI is showing negative sentiment with no divergence indicating lower levels are likely for AEX. The Index could have another go at the strong support at around 712 and a close below is likely to further fuel a sell-off down to around 688.
For AEX to reverse this bearish picture a close above 764 is needed. A close above the 55 daily MA and above 750 will place the Index in neutral.
For AEX to reverse this bearish picture a close above 764 is needed. A close above the 55 daily MA and above 750 will place the Index in neutral.
BEL 20 dipped below support at 3,570 to touch the 0.618 retracement but now seems to be caught between 3,600 and the 200 daily SMA around 3,700. A move above 3,710 could see further bounce to the 0.618 retracement at 3,795.
A close below 3,600 is likely to push BEL 20 back below 3,569 support to 3,497.
RSI is key showing negative sentiment but also with divergence indicating continued rebound. However, if RSI closes below its rising trendline downtrend is likely to resume
A close below 3,600 is likely to push BEL 20 back below 3,569 support to 3,497.
RSI is key showing negative sentiment but also with divergence indicating continued rebound. However, if RSI closes below its rising trendline downtrend is likely to resume
CAC 40 seems a bit indecisive but indicators point to lower levels. RSI is showing negative sentiment with no divergence and the Index sits currently below 55 daily MA.
If CAC 40 closes below 6,885 downtrend resumes with potential down to strong support at around 6,380.
A close above 7,163 will put the Index in neutral where one should wait for direction.
Author is short AEX 25.
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