Technical Technical Technical

Technical Update - DAX, STOXX50, CAC40, AEX & OMX C25

Equities 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

Summary:  Key support levels being tested this morning on European Stock markets. Close below supports down trends are confirmed.


DAX index opened this morning below key support at 13,989. A close below will confirm down trend has resumed and 13,200 support is likely to be tested in a few days. However, more down side should be expected as this could be the fifth wave down.
RSI showing negative sentiment and a daily close below 40 threshold will underline that scenario.

 For DAX to reverse this likely down trend scenario a close above 14,600 is needed

Source: Saxo Group

EUROSTOXX50 has broken below key support at 3,792. A daily close below down trend has resumed. A close below 40 on RSI will confirm that scenario. A down trend that is likely to test March lows. A close above 3,955 is needed for this likely bear scenario to be reversed

Source: Saxo Group

CAC40 opened with a gap testing key support at 6,424. A close below will confirm down trend has resumed. Price levels around March lows will be in sight. A close above 6,758 is needed to reverse that scenario.

Source: Saxo Group

AEX trading below key support at 705. A daily close below down trend has resumed. March lows around 652 is likely to be tested. If RSI closes below 40 threshold the bearish scenario is confirmed further. A daily close above 733 is needed to reverse the likely down trend.

Source: Saxo Group

Range bound OMX C25 is testing lower support at 1,721. A daily close below down trend is confirmed and February lows are likely to be tested.

Source: Saxo Group

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