Technical Analyst, Saxo Bank Group
AEX 25 is trying to move past the 200 SMA to test the strong resistance at 741 but seems to be struggling. If closing below 719 a correction down to around 700 is likely. The minor divergence on RSI (the second 3rd Aug peak is slightly lower than the first one 29th July) supports a likely correction scenario. IF RSI breaks below its rising trendline it will be a strong indication a correction to unfold.
AEX 25 needs to close above 736 to maintain upside momentum. If that occurs the 741 resistance is likely to be broken.
BEL 20 is still range bound. 3,805 seems too strong to penetrate. A daily close above is needed for upside momentum to next resistance at 3,925. After 6 failed attempts it seems more likely BEL 20 will throw in the towel and move lower towards 3,638
CAC 40 still trading in a steep narrow rising channel nearing key resistance at 6,593 which is a strong resistance level. 200 SMA add to the resistance.
However, RSI has dropped below its rising trendline and if the Index itself breaks below its lower rising channel trend line a correction is likely to unfold. A correction that could take CAC 40 to 6,316-6,187 supports.
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