Quarterly Outlook
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Technical Update - DAX establishing bullish trend. CAC40 testing key resistance, will it break it?
Equities 2 minutes to read
Kim Cramer Larsson
Technical Analyst, Saxo Bank
DAX closed Friday above key resistance at 18,631 establishing a new bullish trend which was confirmed by RSI closing above 60 threshold.
DAX is now likely to test all-time highs at 18,893. A close above could very well push the Index above 19,000 to the 1.382 projection at 19,252.
To reverse this bullish trend a daily close below 18,683 is required
GER40 cfd has broken above its fallen trendline and above resistance at around d 18,652 thus establishing a bullish trend confirmed by RSI closing above 60 threshold.
To reverse the bullish trend a daily close below 18,210 is required.
CAC40 closed Friday just below the key resistance at around 7,725. It was the third failed attempt of breaking it range trading behaviour. The Index could have another go today Monday. A daily close above could initiate a bullish move up to around 7,900
An RSI close above 60 threshold will confirm a bullish trend for the CAC.
If RSI closes back below 40 the key support at 7,464 is likely to be broken and CAC40 resuming its bearish trend
FRA40 cfd levels: Resistance at 7,725. If closing above there is upside potential to 7,900
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