Technical Update - DAX, AEX25, BEL20, CAC40 and SMI20 Technical Update - DAX, AEX25, BEL20, CAC40 and SMI20 Technical Update - DAX, AEX25, BEL20, CAC40 and SMI20

Technical Update - DAX, AEX25, BEL20, CAC40 and SMI20

Equities 4 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  In this Technical Update: DAX / GER40, AEX25 / NETH25, BEL20 / BELG20, CAC40 / FRA40 and SMI20 / SWISS20

DAX is range bound between 16,060 and 15,482. Break out needed for direction. Negative sentiment on RSI is indicating break is to be to the down side, and with the 55 and 100 Moving Average slightly declining the underlying trend sentiment is bearish.

If closing below key support at around 15,482 there is downside risk to around 15K.

Breaking bullish can be a struggle with the two Moving Average acting as a ceiling. It could be a struggle for DAX to penetrate. But if it does a move to July peak around 16,500 is likely
Source all charts and data: Saxo Group
AEX25/NETH25 is bouncing from key strong support at around 730. However, the trend is down and there is no RSI divergence supporting the view of lower AEX levels. If AEX is closing below 730 a swift sell-off down to around 716-710 support is likely.

For AEX to demolish the bearish trend a close above 755 is needed.

However, with the 55 Moving Average on the verge of breaking below the 100 while they are bot declining thus forming a Death Cross upside potential is limited. That is not bullish for AEX

BEL20/BELG20 is side stepping failing to close above key resistance at around 3,696.
RSI sentiment is negative indicating BEL20 is likely to trade lower in coming days and weeks.

A close below 3,610 could ignite a sell off down to around 3,600-3,550.

A close above 3,696 is needed for BEL20 to reverse to uptrend

CAC40/FRA40 Index has been range bound since April with a bearish undertone. The 200 Moving Average is providing support  but upside potential seems limited with the Index moving below declining 55 and 100 Moving Averages. A re-test of key strong support at around 7,082 is in the cards.

If CAC40 is closing below 7,082 there is no strong support until around 6,900
SMI20/SWISS20 is forming symmetrical triangle pattern. Break out is needed for direction.
Break out direction is likely to be to the downside as indicated by the negative RSI sentiment and all Moving Averages declining

If that is the scenario that will play out SMI has downside potential to around 10,515 before finding support.
Minor support at around 10,750.

If Bullish break out there is strong overhead resistance with the declining Moving Averages above the Index.
A close above 11,173 is needed for bullish trend

Saxo Capital Markets (Australia) Limited prepares and distributes information/research produced within the Saxo Bank Group for informational purposes only. In addition to the disclaimer below, if any general advice is provided, such advice does not take into account your individual objectives, financial situation or needs. You should consider the appropriateness of trading any financial instrument as trading can result in losses that exceed your initial investment. Please refer to our Analysis Disclaimer, and our Financial Services Guide and Product Disclosure Statement. All legal documentation and disclaimers can be found at

The Saxo Bank Group entities each provide execution-only service. Access and use of Saxo News & Research and any Saxo Bank Group website are subject to (i) the Terms of Use; (ii) the full Disclaimer; and (iii) the Risk Warning in addition (where relevant) to the terms governing the use of the website of a member of the Saxo Bank Group.

Saxo News & Research is provided for informational purposes, does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. No Saxo Bank Group entity shall be liable for any losses that you may sustain as a result of any investment decision made in reliance on information on Saxo News & Research.

To the extent that any content is construed as investment research, such content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication.

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments.Saxo Capital Markets does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo Capital Markets or its affiliates.

Please read our disclaimers:
- Full Disclaimer (
- Analysis Disclaimer (
- Notification on Non-Independent Investment Research (

Saxo Capital Markets (Australia) Limited
Suite 1, Level 14, 9 Castlereagh St
Sydney NSW 2000

Contact Saxo

Select region


The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

Saxo Capital Markets (Australia) Limited ABN 32 110 128 286 AFSL 280372 (‘Saxo’ or ‘Saxo Capital Markets’) is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms, Financial Services Guide, Product Disclosure Statement and Target Market Determination to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Saxo Capital Markets does not provide ‘personal’ financial product advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Capital Markets does not take into account an individual’s needs, objectives or financial situation. The Target Market Determination should assist you in determining whether any of the products or services we offer are likely to be consistent with your objectives, financial situation and needs.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc.

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website is not intended for residents of the United States and Japan.

Please click here to view our full disclaimer.