Technical Analyst, Saxo Bank Group
Summary: AEX25/NETH25 cfd uptrend stretched but could be extended
BEL20/BELG20 cfd in falling channel behaviour
CAC40/FRA40 cfd taken out previous peak and set to move higher
SMI20/ SWISS20 possibly forming top and reversal pattern
BELG20 cfd levels
CAC40/FRA40 cfd closed yesterday above December peak and is set to move higher. The index could reach the 1.382 projection at 7,796 but a minor correction could be seen before the likely continued bullish move.
RSI is showing positive sentiment with no divergence supporting the bullish picture.
An Index close below 7,553 could demolish the bullish scenario, however
SMI20/ SWISS20 if drawing a bearish candle today the SMI Index will have formed a top and reversal pattern.
RSI showing divergence indicating uptrend is exhausting.
However, if SMI is closing above 11,474 the top and reversal pattern is being demolished and the uptrend is being extended.
Strong support at around 11,057
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