Price going into attractive buying zone
Major catalyst - chancellor announces more support for first time buyers (5% mortgages should become more common)
Price decline has been part of a broader market correction (no specific company / industry news that provides clear rationale for the stock to be moving lower)
Berkeley Group Holdings PLC (BKG - LSE) is in WXY complex correction pattern. W is elongated zigzag followed by X wave as double three correction, which is over. Y wave down is in progress which dropped with large volume. Wave B is about to over.
Berkeley group holdings has formed a new resistance level @ 3837 and is consolidating in the range of 3717 - 3837, this is tight consolidation which will lead to momentum upwards once it breaks resistance.
My game plan would be the following:
Trigger Price: 3837
TP: 4344
SL: 3717
RR: 5:1
BKG Has formed an inverse head and shoulders pattern with a resistance of 3751. There's also been some tight consolidation leading to a breakout, which is over the 50 day SMA. 14 day SMA was acting as resistance but is now support and the 7 day SMA is making a bullish move and almost taking over the 14 day SMA.
My game plan would be the following:
Trigger Price:...
This stock is featuring for the first time on our TradingView blogs.
Current setup: Price is currently performing a pullback.
Conclusion: We should wait for price to find support and head back to the upside. Long trades can be considered after a break of the resistance level. Stay patient and let price dictate the next move.
Any comments or questions, do not...
Bearish break from the rising wedge pattern coupled with a bearish RSI divergence suggests the share price could test the 50-DMA support at 3171 in the next few days.
