Atlas Copco AB: Potential Entry Points in a Long-term Uptrend
ATCO_A has demonstrated a long-term uptrend throughout its history, marked by two strong channels, with higher highs and higher lows.Since the Ukraine-Russian market crash,
ATCO_A has experienced a 100% increase. Currently, the stock is at the resistance channel, which has resulted in a notable downward reaction:During the strong uptrend, previous resistance levels, where the price peaked, turned into support levels when the stock experienced pullbacks. Now, as the stock returns to these crucial levels, they may serve as key support, potentially causing the stock to struggle to break below them or to rebound and rise further.
I anticipate that the stock will gradually break through each of these key levels, eventually approaching the lower trendline before launching into a significant bull run. This scenario presents a promising opportunity for a long position, but we need additional bullish confirmation at these levels before making a move.
Important levels: 150 SEK, 140 SEk, 120 SEK, 100 SEK
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.