Technical Update - AEX, BEL and CAC breaking supports. June lows in sight.
Kim Cramer Larsson
Technical Analyst, Saxo Bank
AEX 25 has broken below short-term key support at 644 now trading around the 0.764 retracement and is well on course to test the June lows at around 632.
AEX needs to close above last week’s peak at 704 to reverse this scenario.
BEL 20 closed below 0.618 retracement of the last correction and is at the time of writing below the 0.764 retracement. BEL 20 is likely to test 3,500 once again in a few days. As mentioned last week if BEL 20 closes below 3,500 there is room down to 3,332-3,235 level. To reverse this bearish picture BEL 20 needs to close above 3,767.
CAC 40 is breaking below key support at 6,031. If closing below the scene is set for CAC to test June low at 5,785.
A close above 6,395 will reverse this scenario.
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