Chaus96

BARCO (BAR) broke 1-month descending trend

Long
EURONEXT:BAR   BARCO
Barco broke it's 1-month descending trend, with a reversal confirmed around the 16€-mark, clearly tapping into a strong liquidity pool where bears lost against the bulls. The reversal got extra confirmation with 2 easy-to-spot flags (on the 1h and 15m timestamps) that broke upwards resulting in a 6% intraday moonshot.

BAR now poised to break into an older downward channel (first two weeks of July '20). Breaching this, in combination with a breach of the 18€-marker, ought to propel BAR into the 22€-24€-zone.

I expect BAR to find a first strong resistance at the 18.04€ marker, with high probability of temporarily trading sideways in the price zone 16.5-18€.

Support to be found around 16.9€ and 16.5€.

Cautiously buying here. Strategic laddering.