Technical Update - DAX and EuroStoxx50
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Sell off in equities push DAX and EuroStoxx lower
Where to next?
Sell off in DAX after bearish break of rising short term trend line. May lows around 13,380 are likely to be tested and quite possibly taken out. However, do expect a minor rebound from May lows.
At the time of writing RSI is below 40 i.e. in negative sentiment. A daily close below will confirm downtrend picture.
A daily close below 13,380 Dax is likely to test March lows at around 12,438 on the Index
EuroStoxx50 is testing May lows. A daily close below is likely to push the Index down to support at 3,448 possibly testing March lows around 3,387. Some minor rebounds should be expected from here.
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