Technical Analyst, Saxo Bank Group
AEX25 closed Friday above resistance at around 763 but is now back below. RSI is showing divergence indicating a correction is likely to unfold.
However, it is likely to be a minor one with strong support at around 750. A close below 750 could lead to a sell-off and trend reversal down toa around 730
If AEX 25 is closing once again back above 763 the Index is likely to resume uptrend with potential to 781-795
NETH25 cfd: Resistance at around 767. Support at 749. A break above 767 then potential to 791-795
BEL20/BELG20 cfd: Sold off heavily today after closing a few cents above 3,575 Friday, and is now back below 55 DMA. There is downside risk to the support at around 3,396.
However, RSI is still showing positive sentiment and for BEL20 to confirm bearish trend a close below 3,396 is needed.
CAC40 uptrend seems to be running out of steam just short of 7,330 resistance. . Minor support at around 7,203. A close below could initiate a correction down to around 7,100, where the 55 DMA will add to the support
RSI is still showing positive sentiment and no divergence indicating likely higher Index levels in coming weeks.
A break above 7,330 there is resistance at around 7,405 and 7,500 FRA40 cfd rejected at 7,306. Support at 7,194. A break below could fuel a sell-off down to around 7,100 .
A break above 7,306 is likely to push FRA40 to 7,400 potentially 7,500 level SMI20/SWISS20 cfd is trading below its rising trendline. A close below support at 10,691 could initiate a larger correction down to around 1,500
Until that scenario plays out which is not that likely, SMI is still trading in an bullish trend with potential to 11,077 resistance
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