Technical Analyst, Saxo Bank Group
AEX 25 spiked lower last week to the 0,50 retracement of the entire 2020-2021 bull market and just a few points off key support at 603. The following rebound was rejected Friday just below the lower level of the gap. Down trend is intact but market seems to be in a limbo. Divergence on RSI supports that picture; any upside is met with selling.
To regain upside traction a close above 653 is needed. That could create an upside to strong resistance at around 672.
If AEX drifts lower and RSI is being pushed below its slightly rising trend line selling pressure could accelerate pushing AEX below key support at 603. If AEX closes below 600 next key support ia at around 575.
BEL20 is trading in the “Gap area” between 3,374 and 3,418. A close below or above could indicate direction. A close above and BEL20 could continue its rebound resistance at 3,478 possibly test 3,500.
A close below 3,374 and BEL20 is likely to perform a new low
After jumping above the Gap Area CAC40 was rejected at the key resistance at around 6,032. There is no divergence on RSI indicating lower levels are likely. If CAC40 drops and closes back in the Gap area i.e., below 5,859 RSI will break below its rising trendline strongly indicating CAC is to test previous lows at 5,628. If that level is taken out strong support at around 5,392
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Head of Fixed Income Strategy
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Head of Commodity Strategy
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Chief Investment Strategist
Quarterly Outlook
Head of Fixed Income Strategy
Quarterly Outlook
Head of Commodity Strategy
Disclaimer
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 (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-gb/legal/disclaimer/saxo-disclaimer)