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Technical Update - DAX, AEX25, BEL20 and CAC40 seem heavy. Expect further selling pressure
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: DAX/GER40 cfd could be testing key support shortly
AEX25/NETH25 cfd below rising trendline. Seems heavy
BEL20/BELG20 cfd in down trend breaking, now below support
CAC40/FRA40 cfd testing retracement and support
DAX seems destined to test key support at around 15,625. If DAX closes below that support a down trend has been confirmed.
At the time of writing daily RSI is testing the 40 threshold and a close below will change the sentiment to negative with likely lower DAX levels to follow.
Some support at 15,482. The 100 daily Moving Average will add to the support.
If DAX bounces off the support at 15,625, or even stronger if a rebound occurs before touching the support, could lead to DAX getting back above 16K.
If that scenario plays out DAX is likely to test previous all-time highs at around 16,427.
GER40 cfd:
AEX25 is below its rising trendline suggesting the uptrend could be over. That is unless AEX can be lifted back above the rising trendline and RSI does not close below 40 threshold
An Index close below 748 will confirm downtrend that is likely to lead to selling pressure down to around 735 possibly all the way down to 720-715 medium-term.
However, if AEX manages to close above its rising trendline the uptrend could resume to previous peaks around 775.
NETH25 cfd:
BEL20 After a close Friday right on the support 3,523, the Index is at the time of writing trading below the support. A close below is likely to lead to further selling over the next few weeks towards 3,378.
However, a short-term rebound to test the upper falling trendline could be seen, before next vawe of selling is likely to kick in.
A close above the falling trendline could lead to strong key resistance at around 3,668.
However, a short-term rebound to test the upper falling trendline could be seen, before next vawe of selling is likely to kick in.
A close above the falling trendline could lead to strong key resistance at around 3,668.
BELG20 cfd
CAC40 is testing once again the 0.618 retracement at 7,096. A close below 7,083 and an RSI close below 40 threshold is likely to lead to a sell-off down to the 200 daily Moving Average and strong support at around 6,796.
Negative RSI sentiment(below 40) indicating the support is likely to be taken out.
For CAC40 to reverse to an uptrend a close above 7,404 is needed.
FRA40 cfd:
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