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Technical Update - AEX25, BEL20 & CAC40
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: AEX25 and CAC40 pushing to extend uptrends but will they succeed?.
BEL20 range bound
AEX 25 broke bearish out of its rising wedge like pattern but didn’t travel very far until buyers came back lifting the Index from the 0.382 retracement. Divergence on RSUI indicates the uptrend is quite stretched and a correction should be expected. However, AEX could resume uptrend. A close above 778 which is a strong resistance level. Could push the Index towards all-time highs around 830.
A break below 743 and AEX will test key support at 735. A close below could fuel a sell-off down to around 700.
However, as the current picture stands AEX could be range bound between 735 and 778 for the foreseeable future. A break out is needed for direction
A break below 743 and AEX will test key support at 735. A close below could fuel a sell-off down to around 700.
However, as the current picture stands AEX could be range bound between 735 and 778 for the foreseeable future. A break out is needed for direction
BEL 20 is till range bound between 3,962 and 3,819. Break out is needed for direction. Break out to the upper side there is resistnace at around 4,031. Break out to the down side thre is potential down to support at 3,700.
CAC 40 is trying to extend its uptrend testing previous peak. However, if CAC 40 ends the day with a bearish candle it could be the peak. At least short term. 7,187 could be key support for a correction below the medium-term rising trend line and down to support at around 6,946.
A close above 7,390 will confirm the uptrend will be extended despite RSI divergence. A move to 7,550-7,600 would be likely.
RSI divergence explained: When instrument price is making a new high/low but RSI values are not making new high/low at the same time. That is a sign of imbalance in the market and an weakening of the uptrend/downtrend. Divergence or imbalance in the market can go on for quite some time but not forever. It is an indication of an exhaustion of the trend
Author is holding a short position in AEX25
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