Quarterly Outlook
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Charu Chanana
Chief Investment Strategist
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Technical Update - EuroStoxx50 / EU50 and DAX / GER40 uptrends stretched but likely to test all-time highs before correction
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: EuroStoxx50 / EU50 cfd and DAX / GER40 cfd are close to their all time highs. Corrections are looming and could hit anytime soon, possibly after reaching the peaks
EuroStoxx50/ EU50 cfd uptrend seems to be continuing getting closer to the July peak – and all-time high - at around 4,491.
RSI is indicating the uptrend is a bit stretched but with no divergence EuroStoxx 50 could test the July peak before a larger correction is kicking in.
A close below 4,328 will demolish the bullish scenario
DAX is within a few Euros from testing the July peak at around 16,529.
RSI is at an extreme reading above 80 i.e., overbought Index. Very stretched bullish trend and a correction should be expected shortly, quite possibly after testing the July peak. Keep an eye on the Index to form a top and reversal pattern
If we assume DAX will be hit by a correction when/if reaching the July peak a correction could take the Index down to test the support at around 16,060
First indication of a looming correction would likely be a top and reversal pattern followed by a close below the lower steep rising trendline
However, the RSI is not showing divergence meaning DAX could be continuing its uptrend after a correction. A strong end to the year is in the cards.
A close below 15,915 is likely to demolish the uptrend picture
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