As you can see on the following chart
XXL
may soon finish an A,B,C,D,E correction from a blistering 110
NOKEUR
from A to E. In an A,B,C,D,E we often see the last leg E extended further than the first leg A. Even though XXL has been through a shit storm of bad news, new board members and massive sell offs, it does not take away the fact that this may be an A,B,C,D,E correction. In terms of when to buy I'd like to add that you should never try to catch a falling a knife. Having said that the risk/reward by looking at the pure TA aspect looks rewarding, soon.
Before this downtrend for
XXL
we had several large sports/outdoor shops (G-max, G-sport, Intersport, XXL). Due to falling consumer interest both G-max and G-sport has vanished giving
XXL
and Intersport the majority of the market for themselves.
As we can see
XXL
is moving inside a triangle or falling wedge. I'd says that the correct time to buy would be when we see the first breakout and it stays out (If that happens) I think the breakout will come a bit before the report on last Q for this year. Hopefully a lot of the Christmas gifts under the trees this year will be from XXL...
Having all this said we can see on the MACD that the signal line is struggling to find its way but we can see some bullish divergence on the RSI side.
I myself will monitor
XXL
closely the next weeks, watch for a breakout on the upside that stays out and probably start taking some long positions in December(ish) depending if this plays out or not.
Happy trading!
XXL
may soon finish an A,B,C,D,E correction from a blistering 110
NOKEUR
from A to E. In an A,B,C,D,E we often see the last leg E extended further than the first leg A. Even though XXL has been through a shit storm of bad news, new board members and massive sell offs, it does not take away the fact that this may be an A,B,C,D,E correction. In terms of when to buy I'd like to add that you should never try to catch a falling a knife. Having said that the risk/reward by looking at the pure TA aspect looks rewarding, soon. Before this downtrend for
XXL
we had several large sports/outdoor shops (G-max, G-sport, Intersport, XXL). Due to falling consumer interest both G-max and G-sport has vanished giving
XXL
and Intersport the majority of the market for themselves. As we can see
XXL
is moving inside a triangle or falling wedge. I'd says that the correct time to buy would be when we see the first breakout and it stays out (If that happens) I think the breakout will come a bit before the report on last Q for this year. Hopefully a lot of the Christmas gifts under the trees this year will be from XXL... Having all this said we can see on the MACD that the signal line is struggling to find its way but we can see some bullish divergence on the RSI side.
I myself will monitor
XXL
closely the next weeks, watch for a breakout on the upside that stays out and probably start taking some long positions in December(ish) depending if this plays out or not. Happy trading!
Comment:
Another entry added here, at the moment we have the first green weekly candle in 6-7 weeks and the E target had been reached to perfection. BUT the E target can still be extended further. So again, not going all in, just increasing the position a bit due to everything playing out as in the chart.
Comment:
Just posting this here:
The TA still looks the same and I wrote this 3-4 weeks ago. Struggling signalline Macd and still positive rsi developement.
Happy trading. Wont update the chart as its still in no need of update.