BAS.DE:
Our expectations: Probable increase in stock price after a correction to 200SMA with stop at 81.10.
Alternative scenario: If price makes a new lower bottom this will cancels the negative scenario and the short positions will be more rational, as a breakout of the 200SMA will be traded.
Comments: Uptrend and correction close below 23,6 Fibonacci .
Dynamic support from 200SMA and a diagonal support.
Pin bar and a bullish engulfing bar there after gives a signal for an ending correction and a possible upward impulse.
Indicators are still at negative territory as break of CCI(50) above -100 or RSI(14) above 30 will confirm the probability for long positions.
Trader Nikolay Georgiev
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