Hi everyone, I am new to trading and practicing my technical analysis. I would appreciate your feedback on this setup for Deutsche Telekom (DTE).
My Analysis:
Support: It looks like DTE recently tested a key support level where the descending trend line intersects with the Fibonacci levels.
Target 1: Since this support held, I expect the price to move up towards 28.35 in the short term. This looks like a key test of the previous horizontal resistance (which also lines up with a Fibonacci level).
Target 2: If the price successfully breaks through that resistance, I am looking at 29.2 as the next resistance level based on the current downtrend structure.
My Analysis:
Support: It looks like DTE recently tested a key support level where the descending trend line intersects with the Fibonacci levels.
Target 1: Since this support held, I expect the price to move up towards 28.35 in the short term. This looks like a key test of the previous horizontal resistance (which also lines up with a Fibonacci level).
Target 2: If the price successfully breaks through that resistance, I am looking at 29.2 as the next resistance level based on the current downtrend structure.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.