BAY-GR: A possibility for purchases of Bayer /Germany/ from levels of support

18.07.2017 / 10:23

Rating:

BAY-GR: 18.07.2017

Our expectations: A correction to levels of support and a reversal candles formation, which creates a probability for a reversal of the short term downward movement. A possibility for long positions with SL at 108.30.

Alternative scenario: A breakout below the zone of horizontal support and 38,2 Fibonacci will increase the likelihood for a new short term downward movement and will make short positions more rational.

Comments: An uptrend and a correction to 38,2 Fibonacci levels.

Levels of horizontal support - a positive signal.

A big bullish engulfing bar and correction of it that gives us a good price for long positions.

SMA50 above SMA200 - bullish formation.

DeM(14) reverses form strongly oversold zone - long.

Trader Nikolay Georgiev

Varchev Traders

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BAY-GR: A possibility for purchases of Bayer /Germany/ from levels of support

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