DonBboy

Why I am shorting Sandvik [SAND] | Technical Analysis

Short
DonBboy Pro Updated   
OMXSTO:SAND   SANDVIK AB
For you who would like to check the company out more in dept: https://www.home.sandvik/en/

§1 Fundamental blah blah
§2 Position and forecast
§3 Technical summary



§1 Fundamental blah blah

Sandvik is a Swedish company which is well diversified troughout the mechanical industry.
They make things like:
Ceramic metal cutting tools and tool holders
Mining equipment
CNC machines (computer controlled metal working machines - Computer numerical controll)
Special alloys
Induction heating elements (for heating special tool holders which require heating to change tools, hard to explain)


I think sandvik is a great company, but at the price it's at today, I don't think big investors are going to look at buying more stocks,
not only because of market fear (which there is undoubtedly a lot of)...
But I also think most of the big investors are looking to exit their positions around this mark as
it was the last high, and a very significant one at that.



§2 Position and forecast

My current position is short from - price is currently so it hasn't really moved since i put my short on.
I think there is quite a big possibility that price will drop within the next week, if not it will likely consolidate until the market gains bullish momentum again.


§3 Technical summary

Bearish divergence on the RSI
Price is at significant resistance

Price met trend line resistance and resistance at and fell to previous support, until price breaks 182.50 level my stance will be bearish .
Trade closed: stop reached:
I currently have no shares short in SANDVIK, and my biased has changed from SHORT to LONG.

CLOSED
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.