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Chief Investment Strategist
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Technical Update - DAX, AEX25, BEL20 and CAC40 including Index CFD's
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: European Equities opening lower dragging main Indices close to key supports.
DAX/GER40 testing key support
Find the key technical levels for AEX25/NETH25 cfd, BEL20/BELG20 cfd and CAC40/FRA40 cfd in this update
DAX sold off yesterday and has continued this morning with a gap.
At the time of writing DAX is below key support at 16,000. A close below 16K the uptrend has been demolished. And we could see further selling.
However, a spike down to the 0.618 retracement at 15,865 is in the cards. Key question is whether RSI will close below 40 threshold or bounce off it. If closing below there is potential to lower levels on DAX.
At the time of writing DAX is below key support at 16,000. A close below 16K the uptrend has been demolished. And we could see further selling.
However, a spike down to the 0.618 retracement at 15,865 is in the cards. Key question is whether RSI will close below 40 threshold or bounce off it. If closing below there is potential to lower levels on DAX.
GER40 cfd formed an Evening Doji top and reversal pattern and is currently trading below key support at 16,000. A move to the 0.618 retracement at 15,863 seems likely. 100 daily Moving Average will add some support around that level.
Key question is whether RSI will close below 40 threshold or bounce off it. If closing below there is potential to lower levels on GER40.
If bouncing off the selling pressure could ease and a bounce could be seen over the next few days
close below could push the GER40 lower towards
AEX25 has gapped lower this morning below the 0.382 retracement. A dip down to test the support at around 768 is not unlikely, maybe even touching the 0.618 retracement at 765.
The rising 55 daily Moving Average will provide some support around the support at 768 .
If buyers over the next couple of days can close the gap from this morning the uptrend will resume.
NETH25 cfd levels: Support at 766. A close below could push NETH25 down to the 0.786 retracement at 757.
If buyers can close the gap created this morning uptrend is det to resume.
BEL20 gapped lower this morning opening below 200 Moving Average. Selling pressure down to support at around 3,676 maybe dipping down to 3,650 seems likely.
If closing below 3,676 the selling pressure could push BEL20 Index to the 0.618 retracement at 3,614.
If that plays out key question is whether RSI will close below 40 threshold or bounce off it.
A bounce to close the gap from this morning is quite likely to resuming the uptrend.
BELG20 cfd levels:
CAC40 has gapped lower retracing 50% of the July uptrend. A test of the support at around 7,251 and the 0.618 retracement at 7,233 could be seen.
If closing below 7,251 and below the Cloud (grey shaded area) uptrend has been demolished.
Similar to the other European Indices key question is whether RSI will close below 40 threshold or bounce off it?
If CAC40 can bounce back to close gap from this morning the next few days the uptrend has resumed.
FRA40 cfd levels: Key support at 7,249. Could touch 0.618 retracement at 7,233. Close below support could push FRA lower towards 7,153-7,100.
Closing gap from this morning and uptrend likely to resume
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