A = resistance B = flush-high / false breakout / whatever you want to call it C = formation of resistance @a
The outlook has been bleak for some time. Pressure is mounting further with the development of a large H&S reversal pattern on the weekly chart. This pattern will be completed below the neck line at ~42.00. This pattern, in combination with the weak Banking sector and earlier 'flush-high', make SocGen a prime short-entry candidate on all time frames.
The first target comes in at 38.80. Below that the H&S pattern has a projection of roughly 33.30. On the upside, maintain stops above (max) 45.90.
Primary trend: negative Outlook: negative, new primary down trend Strategy: hold-short and/or short-entry Support: 42.00 / 38.80* / 33.30* Resistance: 45.90 / 52.20+ Outlook cancelled/neutralized above 45.90