For that scenario to be possible, price action needs to take 32.47 an ATH at 37 plus we have to see 5 waves to the upside. Even if we see that I would be cautious as a different wave count would be possible however, this is my main.
#Inditex - Conviction BUY (long-term)
ENTRY: 21.00 EUR
TARGET: 29.50 EUR (+40%)
STOP: 17.60 EUR
Inditex is one of the largest textile companies in the world, based in Arteixo / Galicia (Spain). Inditex specializes in the design, manufacture and distribution of clothing and accessories for men, women and children. Zara is the best-known brand of the group, which...
As long as the price is above the resistance 26.00, it is safe, but if it closes below it, the probability of it returning to test the trend becomes high.
Multiyear view of Inditex.
- Distribution (Wyckoff) from 2015 to 2017. Range 29 to 32. Blow off top on 36 euros.
- Second redistribution from 2018 to 2020. Range 24 to 28. Blow off top on 32 euros.
- Potencial third redistribution 2020 to 2022. Range 18 to 24:
Topping on 32 euros in December 2019.
Almost 50% drop on March 2020
A - Support on 18,56...
As you can see last year we repeat the same pattern , break 200ma and run it up to the deathcross.
SAME PATTERN is going on here :) and with a big gap.
So what i think will happen is the next :
Price will run UP and fill this gap , once it fills there will be a rejection and a deathcross , so go Short !!
M0byy
Inditex is facing a great bullish momentum:
Fundamental:
After the downgrade of Morgan Stanley -17%, they have reported solid quarterly results reaching USD 12 Bn of revenue for the first time, remaining its clothing leadership.
Technical :
-Spanish equities negative momentum was sending Inditex downwards, however IBEX 35 is back again above 9.200 level...
Hey there!
Here's a possible movement for the next 3 months till mid-end August.
You can find further information about my chart and idea in the chart itself in three separate Black Boxes (so called black wall).
Please note that every chart posted about companies is build on information build and based by many different medias and gazettes.
Part of it is also...
Hey there!
My idea behind this chart is, the possibility to profit of an long term trade, by buying on the lowest of it's points.
Since the low of the ITX Chart is yet by approx. 26,7-27,9, it may be the best Idea to buy at These Points and sell at About the end of the year, by beginning of the winter Season. ( When Inditex companies Show their first buyable...
At 23,93 there is an 0.382 fib retractement level from 2002. There also an AB=2.618*CD matching that level so I expect some rebound to the T1, 28.93 and T2 31.99.
I have taken some long position. Let's see next week.
GL
