The technical figure Pennant can be found in French company Safran SA (SAF.pa) at daily chart. Safran S.A. is a French multinational aircraft engine, rocket engine, aerospace-component and defense corporation. Employing over 95,000 people and generating 24.64 billion euros in sales in 2019, Safran operates in the aircraft propulsion and equipment, space and...
Safran Stock is in trading range since beginning of June. Next days could be decisive to have a clear view (Buy or Sell).
In any case, if stock price is going up, it will have as first goal 103.3 level, maybe 115.3 if first level is broken with high momentum.
Safran SA (SAF - France) is in ABC correction down in 60 min time frame (or impulse wave (C) wave down in 4 hr time frame). It has completed 1st wave of C down in leading diagonal structure and correcting in 2nd wave up in abc wave and b is in progress, so wait for its completion with invalidation level of 98.10. Thereafter 3rd wave of C wave start falling down....
Aeronautics and luxury are the driving force of the french index, among the strongest bluchip index in Europe up 26.5% in 2019.
Safran 10% pullback on rising trendline is buying opportunity. Support at 134.9, and 131 (gap fill).
Bull trend is intact: rising 200D MA, and ichimoku cloud an dtrend channel.
Expecting bounce from extremely oversold weekly and daily levels. If stop breached, be prepared to catch new daily reversal on lower levels with a tight stop.
