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BMW Daily Technical Analysis | 11 October 2017

2017-10-11 08:15 am | Resource: Technical Analysis Section | No Views : 344

BMW is trading in a bullish direction on the 240-minute time frame, and the simple moving average is still positively intersecting with the slow moving average indicating that it is also pointing to weakness in the current bullish trend.

BMW Daily Technical Analysis | 11 October 2017

In the previous report we pointed out that there is a harmonic trading pattern, which was negative. The model reached a point of 89.32 during the first week of October, and the German auto share started to decline to reach 86.75.
Currently we recommend the German shareholders to take profit and wait for a negative price behavior at 89.32 euros for sale and take advantage of the negative model
The Momentum index is a negative cross that supports our negative outlook on the stock.
It is expected that if the German stock failed to breach the 89.32 level, it targets 84.99 levels but if the shares of the 89.32 level move towards the 91 level.
Support: 86.75-84.99 - 81.06
Resistance: 89.32 - 91 - 92.28
Trend: Up


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