Technical Update - DAX and GER40 breaking falling trend, set for rally. Euro Stoxx 50 could be range bound Technical Update - DAX and GER40 breaking falling trend, set for rally. Euro Stoxx 50 could be range bound Technical Update - DAX and GER40 breaking falling trend, set for rally. Euro Stoxx 50 could be range bound

Technical Update - DAX and GER40 breaking falling trend, set for rally. Euro Stoxx 50 could be range bound

Equities 3 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

DAX closed Friday above its falling short-term trendline indicating a bounce from lows. Open this morning higher supports a short-term rally picture that could take DAX to its 0.682 retracement at 13,276 but possibly to the resistance at 13,565.
This short-term rally scenario is likely to reverse if DAX breaks below 12,390. First indication of that scenario to unfold could be RSI closing below its rising trendline.

Source: Saxo Group

GER40 cfd/DAX future open above its falling trendline and has continued higher this morning. GER40 is likely move higher over the next few days. Some resistance at the 0.618 retracement at 13,182 and the 0.764 retracement at 13,370. Strong resistance at 13,675
If GER40 breaks below 12,384 bear trend resumes.

Source: Saxo Group

EuroStoxx 50 could be range bound for the foreseeable future. It has bounced off from lows and is likely to test resistance at around 3,582. The resistance could be too strong to penetrate. However, if the Index closes above a move to test the medium-term falling (black) trend line is likely. A close below 3,357 will reverse this scenario and news lows are very likely.


Source: Saxo Group

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