Technical Update - CAC40, AEX, BEL20 and SMI
Kim Cramer Larsson
Technical Analyst, Saxo Bank
CAC40 correction could have come to an end with the past two days of selling pressure. Some overhead resistance with the 100 SMA declining. If CAC closes below lower rising trend line selling is likely to be fueled.
AEX Amsterdam seems to have hit resistance at 719. RSI rejected at 60 i.e. still in negative sentiment and with yesterday’s sell-off buyers are likely to have run out of steam. If AEX closes below lower rising trend line selling pressure is likely to intensify pushing for May and probably also March lows.
A Daily close above 720 could extend short term corrective uptrend to around 741
BEL20 with Wednesday lower close BEL20 has confirmed down trend. Support at around 3,758. To neutralize that picture a daily close above 3,986 is needed.
SMI20 still in down trend, failing to close above 11,809. With all SMA’s declining underlying trend is down with strong overhead resistances. May lows and quite possibly also March lows are to be tested. To neutralize the down trend a daily close above 11809 is needed.
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