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Technical Update - AEX25 higher. BEL20 in downtrend. CAC40 range bound

Equities 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  AEX25/NETH25 cfd in uptrend. Eyeing 770
BEL20/BELG20 cfd in downtrend finding support
CAC40/FRA40 range bound. Break out needed for direction

AEX 25 broke resistance at around 759 but seems to be rejected at 770 with a Shooting Star like candle Friday.  If AEX gets a down day to day it is confirmed  and would indicate a top and reversal.

However, the reversal can be a short-lived correction as the RSI is showing positive sentiment and with no divergence thus indicating higher Index levels are in the cards. A test of the February peak at around 777 could be seen.

An Index close below 759 would put the uptrend on hold but to demolish this bullish picture a close below 741 is needed.

aex25 d 22may
Source all charts and data: Saxo Group
NETH 25 cfd levels: 
neth25 d 22may

BEL20 is in a downtrend finding support at around 3,667. RSI is in negative territory supporting the bearish picture.
A bearish trend that could take BEL 20 down to around 3,600-3,570 if the Index closes below 3,667

For BEL20 to reverse to an uptrend first indication would be a close above its short-term falling trendline.
A close above 3,815 will confirm an uptrend to 3,900.

bel20 d 22may
BELG20 cfd levels:
belg20 d 22may

CAC40 is caught in a range between 7,500 and 7,300. A close either above or below is needed for direction.
A close above 7,508 is likely to push CAC40 to new all-time highs with potential target at 7,775
A close below 7,300 could see CAC40 to drop to around 7K


cac40 d 22may
FRA40 cfd levels:
fra40 d 22may


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