Technical Update - DAX, CAC40, AEX, BEL20 and SMI Technical Update - DAX, CAC40, AEX, BEL20 and SMI Technical Update - DAX, CAC40, AEX, BEL20 and SMI

Technical Update - DAX, CAC40, AEX, BEL20 and SMI

Equities 4 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

DAX found buyers just above 14K yesterday. However, selling pressure is likely to resume. RSI showing bearish sentiment and if DAX closes below key support at 13,989 RSI is likely back below 40 threshold. That is likely to fuel selling further pushing DAX towards February lows in what is likely to be 5 wave down.
Underlying sentiment is bearish with both 55, 100 and 200 SMA’s declining.  
For DAX to reverse the bearish picture a close above 15K is needed.

Source: Saxo Group

CAC 40 got rejected at the 0.764 retracement and got pushed back below 200 SMA. 55 SMA has crossed below 200. A clear sign of underlying bearish sentiment. A bounce towards the end to the session yesterday to close above support at 6,496 and the 0.50 retracement gave a bit of relief this morning. However, selling pressure is likely to resume and is likely to intensify if CAC is being pushed below 6,420.

Source: Saxo Group

AEX closed just above key support at 718. Another break below and especially if AEX closes below is likely to fuel sell-off. RSI was rejected at 60 threshold a couple of time and has now broken its rising trend line which indicates bear trend to resume.

Source: Saxo Group

BEL20 has performed better than most European Indices but might have come to an end with yesterday’s sell off pushing BEL20 below 200 SMA and bearish out of the short term rising channel. Support at around 4,094.
Expect buyers to try lifting the Index back in the channel. If they succeed the Index could push towards 4,300.

Source: Saxo Group

Swiss SMI is in an uptrend testing key resistance at 12,411. If SMI closes above the uptrend is further confirmed with potential to break above 12,500.
RSI is above 60 indicating SMI could move higher. However, if the Index moves below 200 SMA key support at 12,069 is likely to come under pressure

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.