Technical Update - DAX, BEL20 and CAC40 struggling for upside momentum. AEX25 breaking resistance but could soon resume downtrend

Technical Update - DAX, BEL20 and CAC40 struggling for upside momentum. AEX25 breaking resistance but could soon resume downtrend

Equities 5 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

DAX  is struggling to break the 55 and 100 Moving Averages. Since they are both declining and 55 is crossing over 100 a Death Cross has formed indicating negative underlying sentiment.
RSI is showing negative sentiment  is adding to the bearish picture.  
The rising 200 Moving Average adds to the support.

A re-test of the support at around could be seen shortly. A close below could see DAX being pushed further down to around the 15K support area. 200 Moving Average provides some support

To demolish and reverse the bearish picture a close above 16,060 is needed
Source all charts and data: Saxo Group
GER40 cfd Bearish picture Key support at around 15,480 is likely to be tested. Needs to close above 16,062 to reverse down-trend but RSI is bearish, 55 and 100 Moving Averages both declining supporting the bearish picture
AEX25 opened this Monday morning above key resistance at around 750. If closing above AEX could bounce further towards the strong resistance at around 763.
The declining 55 and 100 Moving Averages are likely to draw a Death Cross adding to the resistance.
AEX is likely to resume downtrend shortly. If closing back below 750 and below 200 Moving Average the support at around 730 could be tested
NETH25 cfd trading above 748 resistance and could move to around 762 and the 55 and 100 Moving Average before selling pressure is likely to resume. Declining 55 and 100 Moving Averages are likely to draw a Death Cross adding to the underlying bearish sentiment

BEL20 caught ranger bound after being rejected at 3,696 resistance.
If bEL20 is closing back below 55 Moving Average down trend is resuming with a likely move to the 3,550 level.

A close below 3,550 is likely to fuel a new sell-off down to June lows around 3,464, possibly lower towards 3,400

BELG20 cfd A close above 3,690 is needed for further upside momentum. Downtrend could resume

CAC40 is struggling for upside momentum after braking above the falling channel and above the Cloud (shaded area).
RSI is still showing negative sentiment indicating CAC40 could very well slide back below 7,284 thus resuming downtrend. Strong support at around 7,083.
For CAC to get upside momentum a close above 7,405 is needed

FRA40 cfd upwards push seems to be faltering. A break below 7,284 is likely to result in downtrend to resume with a move down to support at around 7,081

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