Technical Update - DAX, CAC40, SMI, AEX and BEL20
Kim Cramer Larsson
Technical Analyst, Saxo Bank
DAX key support at 13,989 is still holding on. A daily close below is likely to fuel heavy sell-off. A close below the support is also likely to push RSI back below 40 threshold which will confirm the downtrend. Until this scenario unfolds DAX is in a neutral position where we could see minor bounce to around 14,500.
CAC40 is range bound between 6,421 and 6,600. 6,421 is key support. A daily close below is likely to tricker a sell off.
AEX Amsterdam is technically in a short term down trend . Daily close below 700 will confirm and fuel further sell-offs.
Uptrend in Swiss SMI is under pressure. If closing below short term rising trend line support at 12,069 is likely to be tested. If SMI moves above 12,500 uptrend will remain intact and prolonged
BEL20 is range bound between 4,100 and 4,255. No clear indication of direction
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