Technical Analyst, Saxo Bank
AEX 25 broke above medium-term falling trend line closing in on key resistance at 719. RSI above 60 and no divergence indicates AEX is likely to test the 719 resistance. If AEX closes above 719 741 is next.
For AEX to reverse the uptrend first indication would be to break back below the falling (black) trendline. Then it has the short-term rising trendline to break.
BEL 20 is stuck in a range between 3,638 and 3,804. A close below or above is needed for direction.
A close above range next resistance is 3,925. A close below support BEL 20 is likely to take out March lows at 3,567
CAC 40 has closed the gap and above 6,187. Further upside to resistance at 6,316 seems likely. For CAC 40 to reverse the uptrend a close below 6,088 is needed.
Diamond pattern and break explained in last week’s update. However, after breaking out of the Diamond like bottom and reversal pattern, price has the potential to move to around 6,358. (Difference of peak and trough of the diamond pattern added to the break out price, as indicated by the vertical arrows.
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