Technical Analyst, Saxo Bank
Summary: European stock Indices are back to where they were in the spring, some even at October 2022. But there could be further downside trouble ahead.
AEX25/NETH25 cfd
BEL20/BELG20 cfd
CAC40/FRA40 cfd
SMI20/SWISS20 cfd
AEX 25/ NETH25 cfd is close to be testing support at around 710 and could very likely drop further to 700 level. However, 700 is more a psychological level than a reel support.
Next strong support is at around 689
CAC40/FRA40 cfd is at the time of writing below March low at around 6,796.
But RSI is pointing to likely lower levels. If CAC is closing below 6,796 there is room down to 6,586.
BEL 20/BELG20 cfd is just a few points short of testing October 2022 lows around 3,280arish move to 3,378 seems likely. Negative sentiment with no divergence on RSI is supporting the bearish scenario that is likely to push the Belgian main Index lower.
To demolish this bearish picture a close back above 3,48 is needed. However, that will merely just put it on pause SMI20/SWISS20 cfd could be testing 10K shortly, possibly this week. The Index is an free fall closing in on October 2022 lows. Expect only minor corrections. Negative RSI is pointing to lower levels.
For SMI to pause the downtrend a close above 10,750 is needed
The end of the road
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