Technical Update - DAX, EURO STOXX50 & AEX
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: Major European Indices Range bound with negative sentiment
DAX seems to have found resistance at 14,603 and is now back below 55 SMA. The Index could be range bound between key support at 13,989 and 14,603. With RSI still showing negative sentiment not being able to close above 60 threshold, break out is likely to be to the down side.
Major key resistance is 14,953. A close above that level the over all negative picture is demolished.
EURO STOXX 50 is back below 55 SMA likely to resume down trend. Similar to DAX RSI is showing negative sentiment. A daily close below 3,792 will confirm down trend. A break above 3,955, resistance at 4,9025 will most likely be tested .
AEX Amsterdam range bound between 405 and 741. A break out of those levels needed for direction. Since RSI has not been able to close above 60 threshold it is still showing negative sentiment. Break out is therefor likely to be to the down side.
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