#acerinox long, nice buying opportunity#acerinox
We have a uptrend chart recently with higher lows and a green 200 ma line going up.
We have a nice support we hit now that was resistance in the past.
It's a nice 1.1 ratio win/lose reward moment.
ACX/N trade ideas
ACX1 bearish scenario:✨✨✨Technical outlook:
ACX1 bearish scenario:
We have technical figure Triangle in Spanish company Acerinox, S.A. (ACX1) at daily chart. Acerinox, S.A. is a stainless steel manufacturing conglomerate group based in Spain. As for 2008, the company was the world's largest producer of stainless steel. The Triangle has broken through the support line at 09/12/2020, if the price holds below this level we can have possible bearish price movement with forecast for the next 8 days towards 7.998 EUR. Our stop loss order should be placed at 9.062 EUR if we decide to enter this position.
Fundamentals:
ACX1 bearish scenario:
We have technical figure Triangle in Spanish company Acerinox, S.A. (ACX1) at daily chart. Acerinox, S.A. is a stainless steel manufacturing conglomerate group based in Spain. As for 2008, the company was the world's largest producer of stainless steel. The Triangle has broken through the support line at 09/12/2020, if the price holds below this level we can have possible bearish price movement with forecast for the next 8 days towards 7.998 EUR. Our stop loss order should be placed at 9.062 EUR if we decide to enter this position.
ACX1 bearish scenario:ACX1 bearish scenario:
We have technical figure Triangle in Spanish company Acerinox, S.A. (ACX1) at daily chart. Acerinox, S.A. is a stainless steel manufacturing conglomerate group based in Spain. As for 2008, the company was the world's largest producer of stainless steel. The Triangle has broken through the support line at 09/12/2020, if the price holds below this level we can have possible bearish price movement with forecast for the next 8 days towards 7.998 EUR. Our stop loss order should be placed at 9.062 EUR if we decide to enter this position.
Fundamentals
The COVID-19 pandemic is significantly affecting the development of markets during the second quarter,” the company said on Friday, after reporting its first quarter net profit fell to 28 million euros from 33 million euros a year earlier.
ACX (Acerinox S.A.) 2019 AnalysisHi again,
Just wanted to share another study i have been doing. I've been following this one since the beginning of my life as analyst lol!, so kind of special one. #Acerinox S.A. and another one (which i intend to share with you guys in a couple of days were the first stock charts i analyzed besides Cryptos.
I used to see the price in shorter time frames but after changing my strategies and learning to study markets in long terms, i got a better picture on how could things could go, as usual and as every market, if things don't go straight to hell lol!.
Anyway, #Acerinox has been in accumulation period since October of 2008, you may see it right in chart, and better with the RSI Mirror indicator. Mr. #Wyckoff, Mr #Fibonacci and Mr. #Chuvashov are present as usual, and i've drawn my support lines system (those who have seen other charts i have done will understand what i'm talking about) of every stage to support my fellas systems to know where the market may go from now on. Remember, ghost bars are just a guide of the previous fractal, is not gonna be the same but since i like the fractals study, i like to have it as a mark and compare the differences while the market changes.
So, i hope you find it interesting. As usual, not investment advice, just personal ideas. Trade by your own risk.
This is a 1 month time frame chart, so things are gonna go real slow jeje lol... but i'll try to keep track of it and share sometime in a while to see how my theory goes. I believe it could hit the 40's per stock in the next decade. Let's see what happens.
Cheers!
Charter X
acerinox acerinox is making its correction of wave primary I and then we will continue the rally of the wave 3 of the primary W III OF MIII
