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.
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.