Technical Update -  EuroStoxx50 uptrend intact but for how long? DAX struggling to break range Technical Update -  EuroStoxx50 uptrend intact but for how long? DAX struggling to break range Technical Update -  EuroStoxx50 uptrend intact but for how long? DAX struggling to break range

Technical Update - EuroStoxx50 uptrend intact but for how long? DAX struggling to break range

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

EuroStoxx 50 bounced from the 1.382 projection at 4,674 resuming and likely extending uptrend with potential to 4,805

However, there is still RSI divergence indicating the current bullish trend is stretched and in exhaustive mode.

A close below 4,674 could quite likely initiate a correction down to around 4,568

 

Source all charts and data: Saxo Group

EU50 cfd levels. A break below 4,674 could fuel a sell-off down to around 4,593

DAX jumped higher from the opening but has since been sliding back in to the range bound area 17,050-16,821. The latter is the key support at around 16,821, and close below is likely to fuel a sell-off/correction down toa round 16,500-16,400.

A close above 17,050 the bullish trend is likely to resume with potential to 17,250-17,500

GER40 cfd levels. Key support at around 16,777. A close above 17,064 needed for upside to 17,253-17,408

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