Technical Update - DAX/GER40 and EuroStoxx50  above falling trendlines looking at strong resistance levels Technical Update - DAX/GER40 and EuroStoxx50  above falling trendlines looking at strong resistance levels Technical Update - DAX/GER40 and EuroStoxx50  above falling trendlines looking at strong resistance levels

Technical Update - DAX/GER40 and EuroStoxx50 above falling trendlines looking at strong resistance levels

Equities 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

DAX/GER40 and EuroStoxx50 are trading above its falling trend line. Positive sentiment could take the Indices higher but there is strong resistance ahead 

DAX closed Friday above its falling trend line going back the beginning of 2022. RSI is above 60 showing positive sentiment with no divergence indicating DAX could move higher. Strong resistance at 13,565 where the 200 daily SMA is also giving some resistance.
It must be noted that there does not have to be RSI divergence for market to reverse. Last time RSI was above 60 back in August it turned around without. Circled on the chart.
If DAX slides back below 12,900 bear trend is likely to resume.

For DAX to reverse medium-term down trend a close above 13,565 is needed.

Source all charts and data: Saxo Group

GER40 cfd/DAX future closed Friday above falling trendline. Strong resistance at around 13,570. RSI showing positive sentiment with no divergence indicates higher levels.
However, if GER40 slides back below the falling trendline followed by a close below 12,938 the current short-term uptrend could resume.
If RSI closes below its rising trend line that would confirm that picture.

EuroStoxx50 has reached 1.618 projection of the double bottom pattern. There is room up till strong resistance around 3,683. A correction over the next couple of days should be expected.
RSI is showing positive sentiment with no divergence but if RSI closes below its rising trendline selling pressure could resume and accelerate. If EuroStoxx50 drops back below 3,558 support at around 3,484 is likely to be tested.
It is followed by a close below 3,422 bear trend is confirmed, and September low is likely to be tested.

Medium-term EuroStoxx50 bounced off 0.786 retracement now hovering around its 200 weekly SMA. To confirm uptrend a close above 3,683 is needed for a move towards 3,820-3,857.


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 (

40 Bank Street, 26th floor
E14 5DA
United Kingdom

Contact Saxo

Select region

United Kingdom
United Kingdom

Trade Responsibly
All trading carries risk. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more
Additional Key Information Documents are available in our trading platform.

Saxo is a registered Trading Name of Saxo Capital Markets UK Ltd (‘Saxo’). Saxo is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary Wharf, London E14 5DA. Company number 7413871. Registered in England & Wales.

This website, including the information and materials contained in it, are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in the United States, Belgium or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation.

It is important that you understand that with investments, your capital is at risk. Past performance is not a guide to future performance. It is your responsibility to ensure that you make an informed decision about whether or not to invest with us. If you are still unsure if investing is right for you, please seek independent advice. Saxo assumes no liability for any loss sustained from trading in accordance with a recommendation.

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. Android is a trademark of Google Inc.

©   since 1992