Technical Update: DAX, GER40, OMXC25, AEX, CAC40 & SMI
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: European equities fight to keep bullish momentum staying above support levels. Danish equities depressed
DAX opened this morning below support at 15,724 but is at the time of writing back above. That is the second day in a row sellers have tried to push the index below the support. However, the Index needs to close above 16,090 to resume uptrend.
GER40 CFD/ DAX Future
It is clear that also for the GER40 CFD/Future that 200 SMA is important support area. For DAX to resume bullish trend a move above 16,090 is needed.
OMX C25 Cap
OMX C25 Cap has not had a good start to the new year. Heavy selling almost every single day pushing the Index below support at around 1,800. Bottom fishers are now trying to move the Index back above the now resistance at 1,800.
On the weekly chart we can see why 1,800 is so important . A close below is likely to fuel further sell off down to around 1,700
755 is the crucial support for Amsterdam AEX Index. The Index seem tot be range bound between 755 and 810. Break out from that range is needed for direction.
Bull/Bear fight going on around the Pivotal price level 7,141. 7,105 seems to be the short term support CAC 40 needs to hold. A close below could fuel a sell off down to test the rising trend line and potentially to 6,750. Above 7,250 uptrend will likely resume.
Swiss SMI Index broke bearish out of rising wedge pattern approaching support at around 12,411. A close below can fuel a sell off down to strong support area around 12,100-12,000.