Multiplecharts1person_1024x768M Multiplecharts1person_1024x768M Multiplecharts1person_1024x768M

Technical Update - DAX, CAC40, OMX C25, AEX, SMI & BEL20

Equities 5 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  European Equities trying to rebound from last week's sell off. The negative mood can quickly return putting pressure on support levels. Expect continued volatility.

GER40 experienced very volatile trading last week in a broad range between support at around 14,827 and resistance at the 200 SMA and 0,618 Fibonacci retracement at 15,610. 15,610 could prove too strong to penetrate. However, do expect buyers to try the coming week. If they succeed there is resistance around 15,722.
If this is a fourth corrective wave we are seeing it must not move above 15,723.
If sellers regain control to take the Index back below 15K a new attempt that the strong support at 14,827 is likely.

GER40 31 jan
Source: Saxo Group

OMX C25cap/DEN25 found support around 1,700. Also rebound here should be expected possibly to test the resistance at around 1,800. A close below 1,710 is likely to resume the bear trend.

DEN25 31 jan
Source: Saxo Group

CAC40/FRA 40 has rebounded from 200 SMA and the support at around 6,730 And back above the rising trend line!. 55 SMA however, could be too strong a resistance to overcome. A break above 7,060 could fuel further upside. Below 6,835 will likely see sellers to regain control with a likely test of both support at around 6,658

FRA40 31 jan
Source: d Saxo Group

AEX25/NETH25 found support at 735 and has since bounced nicely. At the time of writing trading above the resistance above 750. There could be further upside to the 200 SMA around 765 and the 0,618 fibo retracement at 770. If the Index drop back below 750 a new attempt at 735 support could be seen.

NETH25 31 jan
Source: Saxo Group

SMI/SWISS20 closed below support at around 12,047 only to rebound strongly from 11,750. A rebound that could take it as high as 12,500. However, the sentiment is negative and it could be a struggle to reach those levels. Resistance at around 12,366.

SWISS20 31 jan
Source: Saxo Group

BELG20. Sell off last Monday took the Index straight through the support at 4,045 dipping below 4K. That could have caused further selling panic but instead buyers came back in scooping up beaten down stocks lifting the Index back above. At present the 4,045 levels seems to be the pivot point for the market being either positive or negative. However, a new push below 4,000 could re-fuel the sell off. 4,117 is the price level needed to be taken out for upside potential towards 4,200 area.

BEL20 31 jan
Source: Saxo Group


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

This website can be accessed worldwide however the information on the website is related to Saxo Bank A/S and is not specific to any entity of Saxo Bank Group. All clients will directly engage with Saxo Bank A/S and all client agreements will be entered into with Saxo Bank A/S and thus governed by Danish Law.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.