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Technical Update - DAX and EuroStoxx50 selling pressure likely to continue. Here are the key levels to watch
Kim Cramer Larsson
Technical Analyst, Saxo Bank
- GER40 cfd and EU50 cfd levels also included in this article
During yesterday’s sell-off DAX spiked below key support at 17,118. That level is the lower band of the gap area back from February. Since DAX did not close below 17,118 it didn’t close the gap.
Despite DAX closed above the upper band of that gap at 17,326 it seems as the sellers are having another go today at closing the gap. A close below will most likely push DAX lower to next key support at 16,821, but there would further downside potential to 16,400
RSI is showing negative sentiment indicating likely lower Index levels.
If DAX can close back above resistance at around 17,620 there could be rebound potential to 17,875-18,000
GER40 cfd spiked below 17,154 but rebounded in late session to close back above. If closing below there is downside potential to 16,777 and 16,420 consolidation area.
A close daily close above 17,612 could extend a rebound to 18,000
EuroStoxx50 closed yesterday back above key strong support at around 4,544 but is now having another go at the support. A daily close below could push the index lower to the next support at around 4,384
For EuroStoxx50 to establish any kind of rebound potential a daily close above 4,639 is required. If that scenario plays out there is upside potential to around 4,775
RSI showing negative sentiment supporting the bearish outlook for EuroStoxx50
EU50 cfd below support at around 4,573. Likely to re-test minor support at around 4,504. Downside potential to 4,400.
A bullish move above today’s peak at 4,641 could give rebound potential to 4,742 resistance
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