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Technical Update - New all-time highs in DAX & EuroStoxx50 in the cards

Technical Update - New all-time highs in DAX & EuroStoxx50 in the cards

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Uptrend in DAX could test all-time highs within a few weeks. EuroStoxx50 ready to break its all-time high

DAX is finding support at the previous peak at 15,706 and could trade higher going in to May. RSI positive sentiment with no divergence indicates higher levels for DAX. There is room up to strong resistnace level at around 16,290
If DAX cannot keep up and slides back to close below 15,706 a correction could be seen to test the 15,500 level. A close below 15,482 could fuel a sell off down to 15K.

 

dax d 24apr
Source all charts and data: Saxo Group

GER40 cfd levels: Support at 15,706. Trend reversal if breaking below 15,479. Uptrend likely to continue to 1.382 projection at 16,184 possibly testing all-time highs

ger40 d 24apr

EuroStoxx50 is with in cents from its All-time highs at 4,415. A close above could push the Index higher to the 1.618 projection at 4,536.

There is minor divergence on RSI suggesting the uptrend is weakening but the trend is still up. Stoxx50 will need to close below 4,286 to reverse that.

eustoxx50 d 24apr
EU50 cfd: Uptrend could reach 1.382 projection at 4,456 but possibly also 1.618 projection at 4,539 going in to May. A close below 4,284 could result in a correction down to around 4,200
eu50 d 24apr

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