Zalando showing relative strength
- Increased buying volume around 20–25€
RSI above 50
Breakout 80 MA
TP1 30€ or waiting for reversal to 25€
then
TP2 40€
TP3 50€ exit before correction
25€ is also high volume note of 2022, expected to become new baseline support
Trade closed manually:
Trade closed due price is approaching major resistance level.
Price pushed even beyond our target TP1 30€ towards 35€ which was the 1.382 FiB extension of our entry. This is a great sign of demand. The 35€ price level can be tracked back to 2020 and now acts as resistance.
IF you have entered this trade at 25€ you can stay in this trade. Price has a chance to find support at around 27,5€. We can start buying or stacking on our existing position around price levels of 26.5€ – 25€.
We can also update our targets if the price manages to overcome 35€. New targets to cash out would be 50% at 50€, 25% at 65€ and 25% at 80€ of your total position.
Keep in mind that the fundamental conditions are not the best right now in Germany for the upcoming year 2023 due to increased energy costs. This might dampen retailers revenue and therefore hinder the price to move further upside.