Technical analysis update: BMW (1st November 2021)
Updated
BMW continues to grow since 20th August 2021. It currently trades around 87.50 EUR per share. Technical factors are neutral to bullish and because of that we would like to set short-term price target of 90 EUR per share.
Technical analysis
RSI has bullish structure. We will watch it closely and we will look for eventual crossover above 70 points. We expect such phenomenon to be accompanied by further rise in price. MACD is also bullish, however, it loses its momentum. Stochastic is bullish too; and ADX contains very low value which suggests neutral trend. Because of that we would like to see another confirmation of uptrend by price taking out short-term resistance and then lower bound of upward moving channel.
Support and resistance
Short-term resistance sits at 89.50 EUR while short-term support sits at 86 EUR. Major resistance lies at 96.39 EUR.
Our last analysis on BMW from 10th May 2021:
Here we correctly predicted end of correction and eventual resumption of uptrend. We also set 90 EUR price target which was subsequently reached.
Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade. This content is not financial advice.
Technical analysis
RSI has bullish structure. We will watch it closely and we will look for eventual crossover above 70 points. We expect such phenomenon to be accompanied by further rise in price. MACD is also bullish, however, it loses its momentum. Stochastic is bullish too; and ADX contains very low value which suggests neutral trend. Because of that we would like to see another confirmation of uptrend by price taking out short-term resistance and then lower bound of upward moving channel.
Support and resistance
Short-term resistance sits at 89.50 EUR while short-term support sits at 86 EUR. Major resistance lies at 96.39 EUR.
Our last analysis on BMW from 10th May 2021:
Here we correctly predicted end of correction and eventual resumption of uptrend. We also set 90 EUR price target which was subsequently reached.
Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade. This content is not financial advice.
Trade closed: target reached
Short-term price target has been reached.
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