Details Cookies
Important margin product information

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money.

Cookie policy

This website uses cookies to offer you a better browsing experience by enabling, optimising and analysing site operations, as well as to provide personalised ad content and allow you to connect to social media. By choosing “Accept all” you consent to the use of cookies and the related processing of personal data. Select “Manage consent” to manage your consent preferences. You can change your preferences or retract your consent at any time via the cookie policy page. Please view our cookie policy here and our privacy policy here

Multiplecharts1person_1024x768M Multiplecharts1person_1024x768M Multiplecharts1person_1024x768M

Technical Update - AEX25, CAC40, BEL20 And SMI20

Equities 5 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  AEX25 breaking resistance. BEL20 range bound. Diamond bottom and reversal pattern in CAC40. SMI20 forming a rising wedge.

AEX 25 Opened Monday morning above resistance at 676 breaking bullish out of its Ascending triangle like pattern. That gives a potential target of 719. However, there are obstacles on the way where market can turn around. The falling (black) trendline offers some resistance. Resistance at 685 and 698.
If AEX closes below 654 bear trend resumes.

AEX 18 jul
Source: Saxo Group

BEL 20 has been range bound for a few weeks now. If closing above 3,804 a move to resistance at 3,925 is likely.
Close below 3,638 bear trend resumes.

BEL20 18 jul
Source: Saxo Group

CAC40 has formed what looks like a Diamond pattern. Diamond patterns are usually Reversal patterns but can also be Continuation patterns. Here it seems to be a bottom and reversal pattern. Broken bullish out of the pattern and trying to close the gap. If closing above strong resistance at 6,188 a move to test the upper falling (black) trendline is possible.
Resistance around 6,316-6,358.
if CAC drops back and closes below the upper falling trend line in the Diamond this bottom and reversal pattern is busted. A close below 5,874 will resume down trend.

CAC40 18 jul
Source: Saxo Group

SMI 20 is trading in a rising wedge like pattern. If SMI closes above upper rising trend line and resistance at the 0.618 retracement at 11,216 a move to 11,420 is likely. Strong resistance at 11,751 If breaking out bearish and closing below 10,755 a sell off is likely to test June lows.


SMI 18 jul
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.