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Technical Update - DAX, AEX25, BEL20 & CAC40 turning bearish. Furhter downside in the cards after minor corrections

Equities 4 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  DAX/GER40 cfd nearing key support
AEX25/NETH25 cfd short-term oversold and could experience a minor bounce but more down side to expected
BEL20/BELG20 cfd correction turned to bearish trend and could drop to June lows
CAC40/FRA40 cfd closing in on key support

DAX is close to testing key support at around 15,482. A break below is likely supported by negative sentiment on the RSI.
DAX could very likely drop to the 200 daily Moving Average

DAX is closing below 14,456 the medium-term trend has also reverse to bearish. That is likely to put a damper on the Market going in to September that is usually fairly bullish

For DAX to reverse the bearish trend a close above 16,060 is needed.

dax d 1808
Source all charts and data: Saxo Group

GER40 cfd is in bearish trend with support at around 15,500. To reverse it a break above 16,062 is needed.


ger40 d 1808

AEX25 went straight through the 748 support, which was actually considered a strong support, and below the 200 Moving Average. AEX25 could touch support at around 732 and a minor bounce over the next couple of days could be seen.

But the trend is down short-term and if AEX cannot close the week above 748 it is also bearish medium-term
AEX could drop further to the support and March lows around 720-710
A close above 748 will put the Index in neutral and range bound.

aex25 d 1808

NETH25 cfd testing support at around 733. The negative RSI sentiment indicates lower levels could be seen on the Index. A short term dip to the 729 level is not unlikely before a rebound.
Strong support at around 710
Strong resistance at around 748

neth25 d 1808

BEL20/BELG20 cfd has cancelled the correction picture and reversed to a confirmed bearish trend. With short-term support around 3,550 followed by a likely minor bounce.

However, the medium-term bearish trend has resumed and BEL20 could take out the June lows around 3,464 towards the end of August going in to September.

A close above 3,680 will demolish the bearish picture short-term and place the Index in neutral position.
To reverse to bullish trend a close above 3,722 is needed

bel20 d 1808
belg20 d 1808

CAC40/ FRA40 cfd After several tries Bears finally succeeded in breaking the support around 7,251 with a lower close yesterday. Next support at around 7,083 which is likely to be tested shortly.
A close below the 7,083 support could fuel further selling down to support around 6,855. However, the 7K is a psychological support level. A minor bounce should expected from there.

A close below 7,051 will confirm bearish trend on medium-term

To demolish and place CAC40 in neutral a close above 7,300.

cac40 d 1808
fra40 d 1808


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