Technical Update - Could DAX and EuroStoxx50 resume uptrend? Technical Update - Could DAX and EuroStoxx50 resume uptrend? Technical Update - Could DAX and EuroStoxx50 resume uptrend?

Technical Update - Could DAX and EuroStoxx50 resume uptrend?

Equities 2 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  DAX/GER40 cfd still holding on above key supports. Can it resume uptrend and push above 17K?
EuroStoxx50/EU50 cfd still in correction mode but above strong support levels. RSI indicator is key for uptrend to resume

DAX is still holding on above the key support at around 16,469.

If RSI, which is not showing divergence, is closing above its falling trendline it will be strong indication that DAX will resume uptrend. If that scenario is playing out DAX would be likely to test and break above December peak at around 17,003 followed by a push higher to the 1.382 projection at 17,215

A close below 16,469 is likely to fuel a sell-off down to around 16,060 support

Get your Daily Technical Update on key Indicies here: Cramers Corner Daily Technical Update
Source all charts and data: Saxo Group

GER40 cfd bounced from key support at around 16,461 and seems likely to resume uptrend. There is no divergence on the RSI supporting the bullish scenario to play out. Strong resistance at around 17,002. An uptrend scenario could take GER40 to 17,215 possibly higher. 
Key strong support at around 16,461

EuroStoxx50 still in a short-term corrective move. Support at around 4,384-4,328. However, RSI still in positive sentiment and if buyers can push RSI to close back above its lower falling trend and above 60 threshold the Index is likely to resume uptrend with potential to 4,660. Resistance at 4,556 and 4,593
EU50 cfd key support at 4,418. If broken next at 4,376-4,326. A close above 4,567 and an RSI close above 60 uptrend is resuming with short-term potential to 4,659

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