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Technical Update - DAX and EuroStoxx 50 eyeing all-time highs
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: European Indices continue the bullish move that started yesterday. DAX and EuroStoxx50 are nearing all-time high and could take them out in coming weeks. GER40 and EU50 cfd levels included in the article
DAX gapped higher at the open and is currently trading above the Cloud. The Index is testing resistance at 15,495 and RSI is testing 60 threshold. An RSI close above 60 will confirm DAX uptrend with potential test all-time highs at around 16,290 just above the 1.382 projection.
If DAX slides back to close below the 55 daily SMA and RSI is rejected at 60, DAX could reverse to negative trend. A close below 14,809 will confirm that
GER40 cfd:
EuroStoxx 50 is close to test March peak around 4,324. RSI is still below 60 but a likely close above will further confirm the switch to positive sentiment with potential to take out all time highs at around 4,415 and move to 1.382 projection at 4,455.
If the Index slides back in to the Cloud and below 55 daily MA and RSI fails to close above 60 sellers could regain control and the uptrend will be in jeopardy.
A close below 4,093 will reverse the uptrend.
EU50 cfd:
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