Technical Update - AEX25, BEL20, CAC40 and SMI20 Technical Update - AEX25, BEL20, CAC40 and SMI20 Technical Update - AEX25, BEL20, CAC40 and SMI20

Technical Update - AEX25, BEL20, CAC40 and SMI20

Equities 4 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  AEX25/NETH25 cfd uptrend stretched but could be extended
BEL20/BELG20 cfd in falling channel behaviour
CAC40/FRA40 cfd taken out previous peak and set to move higher
SMI20/ SWISS20 possibly forming top and reversal pattern

AEX25/NETH25 cfd has reached the 1.764 projection of the December correction at 822 and RSI has reached almost same level as just prior to the December peak.
If RSI is not closing above the horizontal line there is Divergence which is a sign of imbalance and possible uptrend exhaustion.

If AEX is taking out the peak at 823.76 from yesterday the uptrend is likely to be extended to 830 possibly higher.
A close below 798 will put the bullish picture on possibly reversing it
Source all charts and data: Saxo Group
BEL20 is trading in a falling channel pattern. The falling trend is supported by the negative sentiment on RSI.

However, The BEL20 Index is till above the Cloud and above the rising 55 DMA plus above the 100 and 200 DMA’s suggesting the bearish trend is merely a correction. However, a close below 3,609 could fuel a sell-off down to test the lower Cloud area and possibly also the lower falling trendline in the channel. Support at around 3,550. An RSI close back below 40 will confirm bearish trend to continue

A close above the upper falling trendline could see BEL20 testing resistance at around 3,742. A close above 3,742 bullish move above 3,800 would be in the cards.
RSI indicator will also be key here, a close above 60 threshold will support BEL20 to establish bullish trend

BELG20 cfd levels

CAC40/FRA40 cfd closed yesterday above December peak and is set to move higher. The index could reach the 1.382 projection at 7,796 but a minor correction could be seen before the likely continued bullish move.

RSI is showing positive sentiment with no divergence supporting the bullish picture.
An Index close below 7,553 could demolish the bullish scenario, however

SMI20/ SWISS20 if drawing a bearish candle today the SMI Index will have formed a top and reversal pattern.
RSI showing divergence indicating uptrend is exhausting.

However, if SMI is closing above 11,474 the top and reversal pattern is being demolished and the uptrend is being extended.

Strong support at around 11,057


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.