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Althea Spinozzi
Head of Fixed Income Strategy
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Technical Update - EuroStoxx50 testing resistance. DAX eyeing 16K
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: EuroStoxx50 / EU50 cfd testing resistance level
DAX / GER40 cfd higher with no strong resistance until around 16K
Do expect minor setback before next push higher
EuroStoxx50 is testing the resistance at around 4,326. A correction should be expected possibly down to around 4,250-4,235 support.
RSI is in positive sentiment however, with no divergence indicating higher Index levels above 4,326.
A close above 4,326 is likely to push the Index to the July peak at around 4,491. Minor resistance at around 4,384
A close below 4,234 will demolish the bullish scenario
EU50 cfd is few cents from the resistance at around 4,333. A close above will pave the road towards July peak with some resistance around 4,383-4,400.
A minor setback down to around 4,250 could be seen.
A close below 4,230 will demolish the bullish picture.
DAX is fast approaching 16K. However, do expect a correction before a test of 16K. A correction possibly down to around 15,575 support and the 100 and 200 Moving Averages before next push higher.
RSI is in positive sentiment however, with no divergence indicating higher Index levels
GER40 cfd. Trading around the 0.618 retracement of the July to October bearish trend at around 15,768.
Next resistance at around 16,046. However, a correction could be seen before a push higher to test the 16,046.
A close below 15,500 will demolish the bullish picture
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