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Technical Update - AEX25, BEL20, CAC40 and SMI20 in free fall. Likely more troubles ahead

Equities 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  European stock Indices are back to where they were in the spring, some even at October 2022. But there could be further downside trouble ahead.
AEX25/NETH25 cfd
BEL20/BELG20 cfd
CAC40/FRA40 cfd
SMI20/SWISS20 cfd

AEX 25/ NETH25 cfd  is close to be testing support at around 710 and could very likely drop further to 700 level. However, 700 is more a psychological level than a reel support.
Next strong support is at around 689

RSI is showing negative sentiment but with divergence. However, AEX will not have to drop much further for RSI to make a new low thus cancelling the divergence indicating likely lower Index levels. To reverse this bearish picture a close above 745 is needed
aex d 2310
Source all charts and data: Saxo Group
neth25 d 2310

CAC40/FRA40 cfd is at the time of writing below March low at around 6,796.
But RSI is pointing to likely lower levels. If CAC is closing below 6,796 there is room down to 6,586.  

If CAC manages to close above 6,796 we could see a short bounce to around 6,948. But for CAC to reverse the downtrend a close above 7,203
cac40 d 2310
fra40 d 2310

BEL 20/BELG20 cfd is just a few points short of testing October 2022 lows  around 3,280arish move to 3,378 seems likely. Negative sentiment with no divergence on RSI is supporting the bearish scenario that is likely to push the Belgian main Index lower.

To demolish this bearish picture a close back above 3,48 is needed. However, that will merely just put it on pause
bel20 d 2310
belg d 2310

SMI20/SWISS20 cfd could be testing 10K shortly, possibly this week. The Index is an free fall closing in on October 2022 lows. Expect only minor corrections. Negative RSI is pointing to lower levels.

For SMI to pause the downtrend a close above 10,750 is needed

 

smi20 d 2310
swiss20 d 2310

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