Technical Update - DAX40, CAC40, AEX25, BEL20 and SMI20 Technical Update - DAX40, CAC40, AEX25, BEL20 and SMI20 Technical Update - DAX40, CAC40, AEX25, BEL20 and SMI20

Technical Update - DAX40, CAC40, AEX25, BEL20 and SMI20

Equities 5 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Across the board European Equity Indices rebounded rebounded to test bear break out level only to get rejected. Selling pressure is back on. Most Indices are nearing support levels. Will they hold?

GER40 cfd (DAX) rebounded last week to test bearish break out level and 0.618 Fibonacci Retracement at around 15,723. Index got rejected and sellers returned pushing GER40 back below 200 SMA and is currently testing support around 15K.
A close below can further fuel sell off with a likely new trough below 14,800 .

Source: Saxo Group

As can be seen from the Weekly time period 14,800 seems to be the key support level. If breaking below there is not much support before around 13K.
A break below 14,800 will also confirm the double/triple top like formation.

Source: Saxo Group

FRA40 cfd (CAC40) got rejected at 7,150 which is just few points above the bear break out level in January (7,100). It is also the 0.618 Fibonacci retracement level of the entire January bear move.

FRA40 has formed what looks like a Doji Evening star formation indicating top and reversal. CAC is now back below the 55 SMA testing rising trend line going back to October 2021.  If CAC takes out Friday low at 6,914 a re-test of strong support at around 6,750 is likely.
6,750 is key. If CAC 40 closes below it also closes below 200 SMA paving the way for further sell off down to around 6,400.

To reverse this (downwards pressure) picture CAC needs to close above 7,150.

Source: Saxo Group

Similarly to FRA40 the rebound in NETH25 (AEX Index) got rejected at the January bear break out level at around 770 pushing the price back below 200 SMA currently testing the 750 support.
A move below Friday low at around 741 is likely to further fuel sell off and the having another go at the 734 support but is likely to drop to around 711. To reverse this bearish picture NETH25 ne3eds to break above 725.

Source: Saxo Group

Rebound in BELG20 cfd (BEL20) ran out of steam already at around the 0.382 Fibonacci retracement level to test January lows. A close below next strong support is around 3,750


Source: Saxo Group

SWISS20 cfd (SMI20) is close to test 200 SMA and support at around 12K. A daily close below is likely to increase selling pressure and a test of January lows around 11,750. Below next support is at around 11,500

To reverse the current negative picture a close above 12,500 is needed.

Source: Saxo Group

Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

  • Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article
  • Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article
  • Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article
  • FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

    Read article
  • Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

    Read article


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research 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. To the extent that any content is construed as investment research, you must note and accept that the 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 under relevant laws.

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

Saxo Bank (Schweiz) AG
The Circle 38

Contact Saxo

Select region


All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) Ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law. 

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.