Technical Update - CAC40, AEX, BEL20, SMI & OMXC25

Equities 4 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

CAC40 sell-off accelerated pushing Index bearish out of already falling channel. We are likely to see CAC trying to get back above falling lower trend line but is not unlikely to get rejected by a new sell off. RSI is below 40 with no divergence indicating we could see lower levels below March lows.

CAC40 10 may
Source: Saxo Group

Similar picture on BEL20 Index. Rebounding this morning and could test falling trend line next few days trying to get back above. However, selling pressure is likely to resume


BEL20 10 mqy
Source: Saxo Group

AEX dipped below falling trend line yesterday now hovering around 0.764 Fibonacci retracement level. Minor rebound over next couple of days to around 687 is not unlikely. However, trend is down and AEX is likely to test March lows here in May. To neutralize this down trend a daily close above 715 is needed.

AEX 10 may
Source: Saxo Group

 SMI bouncing off support area around 11,491-11,382. A couple of days rebound is to be expected. However, selling pressure is likely to resume and if breaking below 11,444 likely to intensify pushing SMI to test March lows around 11K.

SMI 10 may

OMXC25Cap seems to have found support at the March lows around 1,567. A rebound should be expected up to around 1,650. If closing below 1,567, 1,420 is next strong support.

OMX d 10 may
Source: Saxo Group
OMX W 10 may
Source: Saxo Group


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