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Equity outlook: The high cost of global fragmentation for US portfolios
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Technical Update - EuroStoxx50 and DAX uptrend stretched. Correction time?
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: EuroStoxx50 / EU50 cfd and DAX / GEr40 cfd seem ripe for a correction following a strong rebound off lows. Trend is bullish with potential to move higher towards end of the year
EuroStoxx50 is close to be testing the resistance at around 4,384-4,402. However, the bullish trend is quite stretched at illustrated by the flattening of the RSI indicator.
There is no RSI divergence however, indicating higher Index levels but a correction kicking within the next couple of days should be expected. Possibly down to around 4,300-4,270 . Strong support at around 4,234
If closing below 4,234 the bullish picture is likely to be demolished
EU50 cfd is close to be touching the 0.786 retracement at 4,383. The Index cfd is ripe for a minor correction likely down to around 4,350-4,250 area.
A close below 4,230 will demolish the bullish picture. A bullish picture with potential to previous peak at around 4,491. strong resistance at around 4,404
DAX has broken above the key psychological level at 16K and is likely to test the resistance at around 16,060 shortly. A correction should be expected.
RSI is flattening indicating weakening of the trend, but not yet showing exhaustion mode meaning there is no divergence suggesting DAX will resume uptrend after a likely correction. A that could take the Index down to the 15,750-15,575. The latter is a strong support level.
GER40 cfd is testing strong resistance at around 16,047. If rejected GER40 could be hit by a sell-off/correction down to around 15,700-15,575 (strong support).
A close below 15,570 is likely to demolish the bullish trend Latest Market Insights
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