Good Morning and I hope you are well.
Let's do some SAP today because they just reported earnings.
current market cycle: Strong bull trend is done after 3 pushes up and market is now correcting. Earnings were utter garbage and W1 could go much deeper and so will the targets below. I will update this, once market found bigger support.
key levels: 170-185 - below is 150 next
bull case: Bulls need to keep it above 170 or much more stop losses will be triggered to take profits of the last months. Not much more magic to it.
bear case: 170 will fall and the selling will continue at least to 150 where bulls have to pray for support. My base case is 130 over the next months.
short term: Strong bearish
medium-long term: Strong bearish to 130 or lower.
Let's do some SAP today because they just reported earnings.
current market cycle: Strong bull trend is done after 3 pushes up and market is now correcting. Earnings were utter garbage and W1 could go much deeper and so will the targets below. I will update this, once market found bigger support.
key levels: 170-185 - below is 150 next
bull case: Bulls need to keep it above 170 or much more stop losses will be triggered to take profits of the last months. Not much more magic to it.
bear case: 170 will fall and the selling will continue at least to 150 where bulls have to pray for support. My base case is 130 over the next months.
short term: Strong bearish
medium-long term: Strong bearish to 130 or lower.