Adidas Technical Analysis | Our expectations:
The price reaches a diagonal and horizontal support, where we can look for long positions with a stop at 168.00.
Dynamic supports created by the Fibonacci levels makes the price highly supported.
The diagonal support with the horizontal levels is a strong signal for purchases.
DeM (14) reverses in an oversold market below 0.3 - a positive signal.
The SMA 50 and SMA 200 are still in a bullish formation, as the passing of the price above them will increase the signal for buy orders.
Shares open with a gap in upward direction - an additional purchase alert.
Fundamental: The latest EUR decline makes European equities more attractive, given the expectations of tightening monetary policy in the euro area and the likely future appreciation of the single currency. Adidas is a sponsor of Juventus, with team carrying the logo of the German company, and as we know the last acquisition of the Italian Grand for 105 million can be a good advertisement for the sports accessories producer.
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