Technical Update -  AEX, BEL and CAC bouncing from support. Can it move higher and reverse trend? Technical Update -  AEX, BEL and CAC bouncing from support. Can it move higher and reverse trend? Technical Update -  AEX, BEL and CAC bouncing from support. Can it move higher and reverse trend?

Technical Update - AEX, BEL and CAC bouncing from support. Can it move higher and reverse trend?

Equities 5 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

AEX25 broke bullish out of its range propelling higher. RSI has broken its falling trendline but is still showing negative sentiment. 700 is in sight.
However, the 701-705 resistance area could prove too strong to break. If it does next will be 722.50.
If AEX close below 679 the rebound is likely over and bear trend likely to resume. 
Source: Saxo Group

BEL20 bounced from 3,500 support. Trend is down however and will remain so until a close above 3,767. If BEL retreats and closes below 3,638 bear trend is likely to resume and a re-test of the 3,500 key level is likely. RSI is showing negative sentiment and no divergence indicating lower levels are likely

Source: Saxo Group

CAC40 bounced from support at 6,031 and is testing minor resistance at 6,304. A close above and CAC could move higher to test the key resistance at 6,450.
If CAC slips back below 4,200 the support at 6,031 is likely to be tested once again. If that plays out the support is quite likely broken and July lows at 5,786 is likely to be tested.
RSI showing bearish sentiment and no divergence supports the bearish outlook.

Source: Saxo Group

The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (
- Full disclaimer (
- Full disclaimer (

Boulevard Plaza, Tower 1, 30th floor, office 3002
Downtown, P.O. Box 33641 Dubai, UAE

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

Saxo Bank A/S is licensed by the Danish Financial Supervisory Authority and operates in the UAE under a representative office license issued by the Central bank of the UAE.

The content and material made available on this website and the linked sites are provided by Saxo Bank A/S. It is the sole responsibility of the recipient to ascertain the terms of and comply with any local laws or regulation to which they are subject.

The UAE Representative Office of Saxo Bank A/S markets the Saxo Bank A/S trading platform and the products offered by Saxo Bank A/S.