Technical Update - AEX25, CAC40 and BEL20
Kim Cramer Larsson
Technical Analyst, Saxo Bank
European Equity Indices hit by heavy selling: AEX25, CAC40 and BEL20 trading lower
AEX Amsterdam testing May lows around 662. A test of March lows at around 652 is likely. If we see a daily close below 652 there is not strong support before around 603. RSI on Weekly has broken rising trend indicating lower levels in coming weeks.
RSI showing negative sentiment indicating lower levels are likely. However, a minor rebound next couple of days could be expected before selling pressure resumes. March lows around 5,756 are likely to be tested
After closing a few points above strong support at 3,758 continued selling pressure Monday has pushed BEL20 Index below support. IF BEL20 is closing below 3,758 there is no strong support before March lows at around 3,567.
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