Technical Analyst, Saxo Bank
BEL20 seems to be having trouble breaking above 100 daily SMA and the minor resistance at 3,619. If rejected downward pressure could resume testing short-term rising trendline. 3,497 is key support.
If BEL20 can close above 3,619 there is upside potential to around 3,740-3,7667. RSI is in positive sentiment but struggles to get upside momentum. If RSI closes below lower rising trendline it could be an indication of support at 3,497 is to be tested and possibly broken.
CAC40 closed Friday above resistance at 6,394 and is set to extend the short-term uptrend to 6,609. 6,609 key resistance. A close above and CAC40 has reverse medium-term downtrend.
However, if CAC instead slides back and breaks below steep rising trendline support at 6,183. That level is key support for short-term Bull/Bear trend. A close below and selling pressure is likely to accelerate pushing CAC40 below 6,000.
RSI could be first indicator for that scenario to play out. If RSI closes below its rising trendline
The end of the road
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