Technical Update - DAX, AEX25, BEL20 and CAC40 seem heavy. Expect further selling pressure Technical Update - DAX, AEX25, BEL20 and CAC40 seem heavy. Expect further selling pressure Technical Update - DAX, AEX25, BEL20 and CAC40 seem heavy. Expect further selling pressure

Technical Update - DAX, AEX25, BEL20 and CAC40 seem heavy. Expect further selling pressure

Equities 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  DAX/GER40 cfd could be testing key support shortly
AEX25/NETH25 cfd below rising trendline. Seems heavy
BEL20/BELG20 cfd in down trend breaking, now below support
CAC40/FRA40 cfd testing retracement and support

DAX seems destined to test key support at around 15,625. If DAX closes below that support a down trend has been confirmed.

At the time of writing daily RSI is testing the 40 threshold and a close below will change the sentiment to negative with likely lower DAX levels to follow.

Some support at 15,482. The 100 daily Moving Average will add to the support.

If DAX bounces off the support at 15,625, or even stronger if a rebound occurs before touching the support, could lead to DAX getting back above 16K.
If that scenario plays out DAX is likely to test previous all-time highs at around 16,427.


Source all charts and data: Saxo Group
GER40 cfd:


AEX25 is below its rising trendline suggesting the uptrend could be over. That is unless AEX can be lifted back above the rising trendline and RSI does not close below 40 threshold

An Index close below 748 will confirm downtrend that is likely to lead to selling pressure down to around 735 possibly all the way down to 720-715 medium-term.
However, if AEX manages to close above its rising trendline the uptrend could resume to previous peaks around 775.

NETH25 cfd:
BEL20 After a close Friday right on the support 3,523, the Index is at the time of writing trading below the support. A close below is likely to lead to further selling over the next few weeks towards 3,378.
However, a short-term rebound to test the upper falling trendline could be seen, before next vawe of selling is likely to kick in.
A close above the falling trendline could lead to strong key resistance at around 3,668.

BELG20 cfd

CAC40 is testing once again the 0.618 retracement at 7,096. A close below 7,083 and an RSI close below 40 threshold is likely to lead to a sell-off down to the 200 daily Moving Average and strong support at around 6,796.

Negative RSI sentiment(below 40) indicating the support is likely to be taken out.

For CAC40 to reverse to an uptrend a close above 7,404 is needed.

FRA40 cfd:

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.