Technical Analyst, Saxo Bank Group
Summary: In this Technical Update: DAX / GER40, AEX25 / NETH25, BEL20 / BELG20, CAC40 / FRA40 and SMI20 / SWISS20
DAX is range bound between 16,060 and 15,482. Break out needed for direction. Negative sentiment on RSI is indicating break is to be to the down side, and with the 55 and 100 Moving Average slightly declining the underlying trend sentiment is bearish.
If closing below key support at around 15,482 there is downside risk to around 15K. BEL20/BELG20 is side stepping failing to close above key resistance at around 3,696.
RSI sentiment is negative indicating BEL20 is likely to trade lower in coming days and weeks.
A close below 3,610 could ignite a sell off down to around 3,600-3,550.
A close above 3,696 is needed for BEL20 to reverse to uptrend
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