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Technical Update - AEX25 higher. BEL20 and CAC40 resuming uptrend? SMI20 still looking bearish

Equities 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

AEX25/NETH25 cfd has propelled higher to all-time highs. To get an idea of how much higher AEX could climb we can add a few Fibonacci annotations.
The Index has now surpassed the 2.0 Fibonacci projection of the December correction at 829.50 pushing towards the 2.618 projection at 849.

However, using the Fibonacci Extension AEX could reach 853 if we assume this leg up will be equal in length to the October to December upwards move, as illustrated by the two vertical arrows.

RSI is cancelling its divergence if closing above the dashed horizontal line and despite being at an extreme value around 84 is indicating AEX could climb a bit higher.
To reverse the trend a close below 816 is needed
aex d 0802
Source all charts and data: Saxo Group
neth d 0802

BEL20/SWISS20 cfd kept itself above key support at around 3,609 and has now bounced to test the upper falling trendline and seems likely to resuming uptrend.

A break above the falling trend combined with the RSI closing above 60 threshold will pave the road to resistance at around 3,742.

A close below 3,609 will demolish this likely bullish scenario and send BBEL20down to 3,550

bel d 0802
belg d 0802

CAC40/FRA40 cfd is at the time of writing breaking above the resistance at around 7,654. If closing above there is potential to cancel the Bearish Engulfing top and reversal candle. If that scenario plays out CAC40 could move to 7,800 level.

RSI is still in positive sentiment with no divergence supporting higher Index levels.
A close below 7,553 will demolish and reverse this picture

cac d 0802
fra d 0802
SMI20 Doji Evening Star top and reversal pattern (circled) still in play with short-term down side potential to support at around 11,057.

However, a close above 11,334 combined with an RSI close above 60 threshold and its upper falling trendline will be a strong indication the top and reversal pattern could be cancelled
smi d 0802
swiss d 0802
SWISS 20 cfd levels: support at around 11,067.
Trend reversal above 11,332

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