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Technical Update - Will EuroStoxx 50 and DAX break key resistance levels and push to new highs?
Equities 3 minutes to read
Kim Cramer Larsson
Technical Analyst, Saxo Bank
EuroStoxx50/EU50 and DAX/GER40 have bounced strongly and is now testing key resistance levels. A close above will confirm corrections are over and uptrends resumed with potential to higher highs
EuroStoxx 50 has bounced from support at around 4,888, close to testing the 0.618 retracement and resistance at around 5,034. A daily close above 5,034 and an RSI close back above the 60 threshold will confirm the uptrend has resumed, with a likely bullish move to test the previous peak at 5,122 to follow.
However, if that scenario plays out, there is upside potential to the 1.382 projection of the correction at 5,212.
If Eurostoxx is rejected at 5,034 and slides back, the support at 4,888 could come under pressure once again
EU50 CFD has bounced from support at 4,849. The uptrend has resumed. A close above 4,052 and an RSI close back above the 60 threshold will confirm that scenario, with upside potential to 5,240.
DAX has bounced from strong support at around 17,620 and is currently testing the 0.618 retracement and key resistance at around 18,208. A daily close above, combined with an RSI close back above the 60 threshold, will confirm the uptrend has resumed. The previous peak at around 18,567 is then likely to be tested, with upside potential to 18,926.
If failing to close above 18,208, DAX could slide back below 18,000.
GER40 formed a bottom and reversal pattern last week and is currently testing resistance at 18,195.
A close above is likely to push GER40 higher towards the previous peak at around 18,566, possibly higher towards 19,012.
If failing to close above 18,195, GER40 is likely to slide back, testing support at 17,612 once again
A close above is likely to push GER40 higher towards the previous peak at around 18,566, possibly higher towards 19,012.
If failing to close above 18,195, GER40 is likely to slide back, testing support at 17,612 once again
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