CHXEUR:BMWD BAYERISCHE MOTOREN WERKE AG
BMW has formed a as shown on the weekly chart along with a decreasing which suggests a lack of selling pressure. We are now waiting for a confirmation signal from the to break through its before opening a position on this . We expect price to test the upper of the triangle before breaking through should the UK decide to remain in the EU as UK is a huge importer of BMW cars. It was also reported a few days ago that BMW plan to accelerate plans to innovate driverless cars by partnering with technology companies and acquiring start up companies. On the long side, we expect this pair to head towards the €100 level. Alternatively, if the fundamentals send price down, we expect it to target the €50 level.