Technical Analyst, Saxo Bank Group
Summary: With lower open today SMI and Swiss20 down trend seems to be accelerating. Medium-term trend reversal draws a picture of SMI could re-visit 10K. 10,659 is key
SMI down trend is further confirmed today with the break below minor support at 10,994 and RSI below 40 threshold. If that is also the picture at market close today there is further downside in the cards for SMI. No strong support until around 10,640. To reverse the short-term bearish trend a close above 11,334 is needed.
SWISS20 cfd levels. Support area around 10,648-10,595. A close above 11,332 to reverse downtrend . A close above could be first indication of that scenario to play out.
Also medium-term SMI seems to have resumed downtrend. Rising trend line broken and RSI in negative sentiment rejected at 60 threshold. If SMI closes a weekly below 200 weekly Moving Average and RSI closes below 40 the Index is likely to push towards 2022 lows around 10K. Support at around 10,640 will be key.
For SMI to reverse the medium-term bearish trend a close above 10,454 is needed.
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