ARESABI

Varta Trendanalysis: What's next?

Long
XETR:VAR1   VARTA AG O.N
Hello everyone, in this trading idea we are looking at XETR:VAR1 .
The price is moving in an upwards trend with a recent correction back to the primary trendline. While the price took
another approach to break above the MA 50 & MA 200 with an accumulation in a triangle pattern ,
we see that the bears took control of the price and we are aiming for the next support zone as a possible long entry.

The price reacts very strong to the primary trendline. There's also a price gap to fill, which could lead to a potential short-term trend reversal right after.
My potential buy-zone is located across the 110€ - 115€ level for a mid-term hold of at least 2 months.
The current downwards movement seems to loose it's strength, as we can see on the RSI . Nonetheless, the sellers are not done yet.

I will update this idea within the next days.

Cheers,
Ares

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