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Technical Update - European Equity markets breaking bearish: DAX, AEX25, BEL20, CAC40 and SMI20
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: DAX / GER40, AEX25 / NETH25 and BEL20 / BELG20 breaking key supports. Likely to confirm bearish trend
CAC40 / FRA40 and SMI20 / SWISS20 still holding on above key supports
DAX/GER40 closed Friday back above key support at around 15,482. Currently it is trading below after a positive open.
If closing below downtrend has been confirmed supported by negative sentiment on RSI.
Next support at around 14,933-14,458 support area.
If closing the week below 15,482 downtrend has also been confirmed on the medium-term trend
For DAX to reverse the trend a close above15,990 is needed.
AEX25/NETH25 is currently trading below key strong support at around 730. A daily close below will confirm the down trend and likely leading to increased selling pressure towards 716-710 support area.
Medium-term there is room down to 689 level.
To demolish the downtrend a close above 750 is needed BEL20/BELG20 tried to get back above support around 3,632 but sellers are in control and seems likely to be pushing the BEL20 index towards next support at around 3,551.
If RSI is closing back below 40 threshold, which seems quite likely, that will add to the bearish picture
CAC40/FRA40 is still range bound but is once again trying to break below the lower rising trend line. The leading French Index is likely to test key strong support at around 7,082 shortly. A close below will confirm downtrend and could fuel a sell-off down to around 6,885-6,796 support area
SMI20/SWISS20 is fighting to keep itself above lower rising trendline. If closing below it could be signal that SMI to be hit by selling pressure down to strong support a around 10,750.
RSI is still showing positive sentiment but if closing below 40 threshold the bearish trend has been confirmed.
Closing below its rising (blue) trendline could be first warning that SMI will turn bearish.