Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Chief Macro Strategist
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Technical Update - CAC 40 and DAX testing key resitance levels. Can they break them and push higher?
Kim Cramer Larsson
Technical Analyst, Saxo Bank
CAC40/FRA40 cfd Key Resistance: 7,725
- Daily Close Above: Potential bullish trend establishing, targeting around 7,900.
- Failure to Close Above: Potential sliding back, testing key support at 7,464.
DAX Key Resistance: 18,630
- Daily Close Above: Continuation of uptrend, testing all-time highs around 18,893.
- Failure to Close Above: Potential range-bound movement between 18,000 and 18,500
CAC 40. Following the French election Sunday is once again testing key strong resistance at 7,725.
A daily close above is needed for CAC 40 to establish a bullish trend and demolish the current bearish trend with upside potential to around 7,900.
If CAC 40 fails to close above 7,725, the index is likely to slide back lower, possibly testing key support at 7,464. A daily close below this level will resume the bearish trend with no strong support until around 7,300.
The strength indicator RSI is still showing negative sentiment and needs to close above the 60 threshold. The divergence back in June indicated downtrend exhaustion, but that will be reversed, i.e., the downtrend will resume if CAC 40 closes below 7,464, which is likely to result in RSI closing back below the 40 threshold
FRA 40 CFD levels: Key resistance at 7,725. Daily close above has potential to reach around 7,896. Key strong support at 7,462. Close below is likely to lead to support at around 7,308
DAX: The 100 daily moving average has been giving support to the index over the past few weeks.
Now DAX is above the 55 moving average and is currently testing key resistance at around 18,630. A daily close above is needed for the uptrend to continue.
RSI must close above the 60 threshold to confirm a bullish outlook for DAX. If that scenario plays out, all-time highs at around 18,893 are likely to be tested and potentially broken.
If DAX fails to close above 18,630 and instead slides back, the index could range between 18,000 and 18,500 for quite some time. A daily close below the 100 moving average could be first indication of the bearish trend resuming
Now DAX is above the 55 moving average and is currently testing key resistance at around 18,630. A daily close above is needed for the uptrend to continue.
RSI must close above the 60 threshold to confirm a bullish outlook for DAX. If that scenario plays out, all-time highs at around 18,893 are likely to be tested and potentially broken.
If DAX fails to close above 18,630 and instead slides back, the index could range between 18,000 and 18,500 for quite some time. A daily close below the 100 moving average could be first indication of the bearish trend resuming
GER 40 CFD levels: Resistance at 18,652. Support around 17,948.
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