ending correction at fib prz (50-61.8 ) ... breakout of descending trend line... pull back to tl... buy after bullish candle in the lower time frame as daily
Longing this with btc at 1broker. I think a tight stop here is good for good R/R. Could break out this bounce, maybe next. Stop below monthly pivot & the support level there, several targets marked based on pivots closest to triangle scaling, flag scaling, and wedge scaling.
I guess the UK is deluding itself that a Brexit will impact German car makers. BMW is proving otherwise. This aby looks set for a major lift off.
www.reuters.com FRA:BMW BMW (BMWG.DE) on Friday recalled about 110,000 cars in Japan over potentially faulty air bag inflators made by Takata Corp (7312.T), as part of the auto industry's largest ever global recall.
Description of Chart : If we go out to the weekly time frame we can see that BMWD is in a nice consolidating range. we are approaching the top end of that range and this could be a nice opportunity to get short for a small win. There is however the opportunity for price to rally into the 50 and 200MA on the weekly sitting at 81.37 and 83.98 respectively. Website...
BMW has formed a double bottom as shown on the weekly chart along with a decreasing volume which suggests a lack of selling pressure. We are now waiting for a confirmation signal from the RSI to break through its trendline before opening a position on this stock. We expect price to test the upper trendline of the triangle before breaking through should the UK...
short term short, and watch out the support
on the large scale theres a funnel formation indicating a rise. since 2016 this pattern also looks to me like it could be a buy option until around 97.50 (786 on fibs) to do this it will firstly need to break the downward trend resistance line.