KBC.BR eyeing 65-70 region before restarting the uptrend

EuroStockOption Updated   
KBC continues its correction started in Nov ‘21, a solid ER doesn’t have to change that.
So far we had a lower high struct in Jan ‘22, which can be viewed as wave B. Under that ~85 and we were looking downward to complete the C wave.

Now we have another lower high post earning, subwaves circle i and ii of C are firmly in place, projecting down to 70-65 region.
Ideally support ~65 holds although above 60, where the 0.5 retracement of wave (3) coincides with the weekly volume profile POC, target toward 102-108 remains in favor, i.e. beyond the 1.764 extension of (1) and reattempt the ATH struct long ago.
Daily closing under the top of (1) ~56 and 0.618 retracement of (3) ~54, this bullish thesis becomes unlikely.

More details about this correction phase on the daily chart:

TLDR : KBC should go lower first and then higher, so long above 60 = rocket emoji.
Long stop under 54
Short stop above 85
Trade closed: target reached:
Short target met, start to think about long strategy.


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.