Technical Update - European stocks pointing lower. EuroStoxx50, DAX, AEX25, BEL20, CAC40 and SMI20 Technical Update - European stocks pointing lower. EuroStoxx50, DAX, AEX25, BEL20, CAC40 and SMI20 Technical Update - European stocks pointing lower. EuroStoxx50, DAX, AEX25, BEL20, CAC40 and SMI20

Technical Update - European stocks pointing lower. EuroStoxx50, DAX, AEX25, BEL20, CAC40 and SMI20

Equities 5 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  EuroStoxx50 / EU50 cfd
DAX / GER40 cfd
AEX25 / NETH25 cfd
CAC40 / FRA40 cfd
BEL20/BELG20 cfd
SMI20 / SWISS20 cfd

EuroStoxx50/EU50 cfd was rejected at the upper falling trendline and send back below resistance at around 4,210. Downtrend is still intact and is likely to move lower towards 4,035 possibly down to 3,980 support.

For EuroStoxx50 to reverse the trend a close above 4,335 is needed. If closing above 4,235 it will be in neutral

Source all charts and data: Saxo Group

DAX failed Friday to close above resistance at 15,483. Downtrend is intact and DAX seems likely to slide lower to test support at around 14,933. A close below could fuel a sell-off down to around 14,500-14,400.
For DAX to resume uptrend a close above 16K is needed. A close above 15,575 could fuel a short rally towards 15,750

GER40 closed below key resistnace at 15,517. Downtrend intact .

Support at 14,765 and 14,457

AEX 25/ NETH25 cfd  traded last week above the resistance at around 730 only to be rejected at the 55 daily Moving Average. RSI was rejected at the 60 threshold thus still in negative sentiment

AEX seems set for lower levels. A close below 730 is likely to fuel a sell-off down below last week’s low at around 715. 700 could be tested

A close above 750 will demolish the bearish picture

BEL20/BELG20 cfd rejected at 3,579/3,571 resistance resuming down and is likely to take out October trough at around 3,445. A bearish move to 3,378 seems likely. Negative sentiment with no divergence on RSI is supporting the bearish scenario

A daily close above 3,575 could fuel a short rally to 3,632 but for BEL 20 resume uptrend a close above 3,730 is needed. The area around 3,650 is a strong resistance area

CAC40/FRA40 cfd didn’t even test the resistance at around 7,204 before sellers took back control closing the gap created 4th October.
Down trend has resumed and CAC40/FRA40 is likely to slide lower to support area at around 6,900-6,800. For CAC to resume to uptrend a close above 7,300 is needed.


SMI20/SWISS20 cfd resuming downtrend and is likely to close the gap i.e., close below 10,873 followed by a move lower.
If closing below 10,749 SMI20/SWISS20 selling pressure could accelerate towards 10,600-10,500 i.e., March lows

To reverse the down trend a close above 11,070 is needed


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 Inspiration Disclaimer and (v) Notices applying to Trade Inspiration, 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.

Trading in financial instruments carries risk, and may not be suitable for you. Past performance is not indicative of future performance. 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 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.