Technical Update - DAX, AEX25, BEL 20 & CAC40 Technical Update - DAX, AEX25, BEL 20 & CAC40 Technical Update - DAX, AEX25, BEL 20 & CAC40

Technical Update - DAX, AEX25, BEL 20 & CAC40

Equities 4 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  While BEL20/BELG20 is moving higher DAX/GER40 and AEX 25/NETH25 are struggling for momentum with strong resistance levels. CAC40/FRA40 closed above resistance but indicators have not yet confirmed bullish trend

DAX seems to be struggling for upside momentum being rejected at the key strong resistance at around 16,210 a couple times.
DAX is above the Cloud and above all daily Moving Averages but RSI is still showing negative sentiment. It needs to close above 60 threshold to switch to positive sentiment

An Index close above 16,210 and RSI above 60 will confirm uptrend with potential to test all-time highs at around 16,427 but DAX will quite likely move higher by a break of the 16,210 resistance

If DAX is failing to close above 16,210 it could slow slide back to support at around 15,782

Source all charts and data: Saxo Group

GER40 cfd: Key resistance at around 16,210. Close above could fuel a rally to 16,500 possibly 16,680

AEX25 RSI is showing positive sentiment suggesting higher AEX levels but a close above 781 is needed for uptrend confirmation.

A close above 781 is likely to fuel a rally to 802 possibly 830.
If AEX fails to break higher the ranger bound scenario is likely to continue for next couple of weeks. Range bound between 781 and 748.

NETH25 cfd. 781 resistance is key. Could be range bound between 781 and 748.

BEL20 is moving higher towards 3,850-3,950.

Short-term a minor correction could be seen but for BEL20 to have the uptrend demolished a close back below 3,668 is minimum requirement.

RSI is bullish with no divergence and the 100 and 200  daily Moving Averages are giving some support. 

BELG20 cfd: Testing minor resistance at around 3,795. Minor setback should be expected before BELG20 is likely to move higher towards 3,850-3,950.
A close of the gap and below 3,679 will demolish the bullish scenario


CAC40 closed Friday above resistance at around 7,404 but RSI didn’t manage to confirm the uptrend by closing above 60 threshold. The bullish break could be a false break. Next couple of days will tell but the 21, 55 and 100 are adding bullish support suggesting higher levels on CAC40.
Technically there is a short-term uptrend that could lift the index to 7,581 possibly 7,657 but keep an eye on the daily RSI 60 threshold

A close below 7,291 is likely to send CAC 40 to test support at around 7,100

FRA40 cfd: Closed Friday above resistance and is in uptrend but RSI hasn’t yet confirmed it by a close above 60 threshold. If it doesn’t (RSI closing above 60) FRA40 could slide back.

However, the Moving Averages are suggesting higher Index levels are likely.
A close below 7,2165 is likely to send FRA40 to test key support at around 7,080


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.