AGL.IT - Weekly
Our expectations: Long-term upward trend and cost of key support appropriate for building a long-term long position on the mainstream. SL: 8.10.
Alternative Scenario: If the price goes below the support area, the positive scenario will be spoiled and more likely to see a decrease in the value of Auto Grill Spa shares.
Commentary: Long-term upward trend with post-correction price and underlying support, formed by major upside diagonal, internal diagonal, 200SMA and 38.2% Fibonacci correction of the main trend. Price Action: Since mid-August, the bulls have shown strength, and we have a bullish pin bar at the moment, and a bullish reversing bar at the previous level test. Two formations proving the propensity of bulls to buy. CCI14 goes above -100 indicating the start of a new upward pulse. 50SMA and 200SMA remain beached - the trend is in place.
Positioning: As the company is Italian and the situation around the new budget deficit is unclear, it is good this week to watch Price Action well. Passing the price above 9.10 will activate the pin bar and it is then good to take a long position. However, if we are seeing a decline this week, it is a good idea to start purchasing a 50% pin up correction - €8.66.
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25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
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