Alstom SA: Appropriate levels for addition to longs

Alstom SA (ALO.FR) - D1

Our expectations:

Earlier last month, we watched correction and formation of a flagship formation, successfully using the levels to start building a long-term long position.

 Alstom SA: Good levels for build long term long position

We are currently seeing a second fix, already after activation of the flag and good Price Action in support of long positions. Upon formation of the gauge in the upward direction, we already have a test in which the price forms a bullish pin bar. The support zone on which the price is located is formed by an internal horizon, 50SMA and 23.6% Fibonacci correction of the last upward wave. Longer is also the real traded volume. During the correction in the last two weeks, the volume is significantly reduced, which means weak bears. In terms of indicators, the CCI14 enters an over-sales area, while the CCI50 remains above zero - the trend remains with a likelihood of a reversal of current levels.

SL: 37.60

Alternative Scenario: If the price goes below the support area and stays there, the positive scenario will be spoiled and more likely to see a decline.

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