Technical Update - DAX, AEX25, BEL20 & CAC40 turning bearish. Furhter downside in the cards after minor corrections Technical Update - DAX, AEX25, BEL20 & CAC40 turning bearish. Furhter downside in the cards after minor corrections Technical Update - DAX, AEX25, BEL20 & CAC40 turning bearish. Furhter downside in the cards after minor corrections

Technical Update - DAX, AEX25, BEL20 & CAC40 turning bearish. Furhter downside in the cards after minor corrections

Equities 4 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  DAX/GER40 cfd nearing key support
AEX25/NETH25 cfd short-term oversold and could experience a minor bounce but more down side to expected
BEL20/BELG20 cfd correction turned to bearish trend and could drop to June lows
CAC40/FRA40 cfd closing in on key support

DAX is close to testing key support at around 15,482. A break below is likely supported by negative sentiment on the RSI.
DAX could very likely drop to the 200 daily Moving Average

DAX is closing below 14,456 the medium-term trend has also reverse to bearish. That is likely to put a damper on the Market going in to September that is usually fairly bullish

For DAX to reverse the bearish trend a close above 16,060 is needed.

Source all charts and data: Saxo Group

GER40 cfd is in bearish trend with support at around 15,500. To reverse it a break above 16,062 is needed.


AEX25 went straight through the 748 support, which was actually considered a strong support, and below the 200 Moving Average. AEX25 could touch support at around 732 and a minor bounce over the next couple of days could be seen.

But the trend is down short-term and if AEX cannot close the week above 748 it is also bearish medium-term
AEX could drop further to the support and March lows around 720-710
A close above 748 will put the Index in neutral and range bound.

NETH25 cfd testing support at around 733. The negative RSI sentiment indicates lower levels could be seen on the Index. A short term dip to the 729 level is not unlikely before a rebound.
Strong support at around 710
Strong resistance at around 748

BEL20/BELG20 cfd has cancelled the correction picture and reversed to a confirmed bearish trend. With short-term support around 3,550 followed by a likely minor bounce.

However, the medium-term bearish trend has resumed and BEL20 could take out the June lows around 3,464 towards the end of August going in to September.

A close above 3,680 will demolish the bearish picture short-term and place the Index in neutral position.
To reverse to bullish trend a close above 3,722 is needed

CAC40/ FRA40 cfd After several tries Bears finally succeeded in breaking the support around 7,251 with a lower close yesterday. Next support at around 7,083 which is likely to be tested shortly.
A close below the 7,083 support could fuel further selling down to support around 6,855. However, the 7K is a psychological support level. A minor bounce should expected from there.

A close below 7,051 will confirm bearish trend on medium-term

To demolish and place CAC40 in neutral a close above 7,300.


The Saxo 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 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 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 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 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 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 (

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments. Saxo Markets does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo Capital Markets or its affiliates.

Saxo Markets
88 Market Street
CapitaSpring #31-01
Singapore 048948

Contact Saxo

Select region


Saxo Capital Markets Pte Ltd ('Saxo Markets') is a company authorised and regulated by the Monetary Authority of Singapore (MAS) [Co. Reg. No.: 200601141M ] and is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms & Risk Warning to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products such as Margin FX products may result in your losses exceeding your initial deposits. Saxo Markets does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Markets does not take into account an individual’s needs, objectives or financial situation.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website are not intended for residents of the United States, Malaysia and Japan. Please click here to view our full disclaimer.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

Apple and the Apple logo are trademarks of Apple Inc, registered in the US and other countries and regions. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.