BAS.DE -Daily
Our expectations: Downward trend price after corrective wave to resistance zone. The correction, coupled with the strong bear Price Action, provides SL positioning with SL: 82.90.
Alternative Scenario: If the price goes above the resistance zone, the negative scenario will be spoiled and we are more likely to see a rise in BASF's price.
Comment: The price is in a downward trend, with the latest corrective wave reaching resistance zone formed by a major bearish diagonal, H&S formation Neckline, 23.6% Fibonacci downward trend correction, 50SMA and horizontal resistance zone. 50SMA and 200SMA are placed in bear - the trend remains in place. The CCI14 crosses 100 from top to bottom, signaling the start of a new bearish momentum. The CCI50 crosses 0 from top to bottom - the downward trend remains in place. Price Action: The price forms an inner bar in the resistance zone, after which the formation is activated with a strong bearish impulse.
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