Technical Analyst, Saxo Bank Group
AEX25/NETH25 cfd has propelled higher to all-time highs. To get an idea of how much higher AEX could climb we can add a few Fibonacci annotations.
The Index has now surpassed the 2.0 Fibonacci projection of the December correction at 829.50 pushing towards the 2.618 projection at 849.
BEL20/SWISS20 cfd kept itself above key support at around 3,609 and has now bounced to test the upper falling trendline and seems likely to resuming uptrend.
A break above the falling trend combined with the RSI closing above 60 threshold will pave the road to resistance at around 3,742.
A close below 3,609 will demolish this likely bullish scenario and send BBEL20down to 3,550
CAC40/FRA40 cfd is at the time of writing breaking above the resistance at around 7,654. If closing above there is potential to cancel the Bearish Engulfing top and reversal candle. If that scenario plays out CAC40 could move to 7,800 level.
RSI is still in positive sentiment with no divergence supporting higher Index levels.
A close below 7,553 will demolish and reverse this picture
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