Technicals The stock has corrected from covid market rally Pre covid, the stock used to trade at higher PE, which is expected from good quality stock with max historical PE ( pre covid) in the range of 70-80 Currently the stock is at PE of 56, which shows good upward potential. A contraction in price volatility is observed along with contaction in volume. In...
Some thoughts about two potential setups. I'm most likely to believe in a bearish move on the shorter timeframe. But who knows?
It is forming an inverse head and shoulder, and going long at this time is a good idea.
Could maybe fall back to 370 DKK for a good buying spot for longs
Chemometec has shown great strength since its uptrend is still intact. We are in the bottom of the trend channel hence it would be a good buying opportunity if coronavirus was not a factor.
Short Term Price Prediction for CHEMM
Resistance line, prev. top and fibonacchi resistance.
It looks like it was down testing the support at 145 but got rejected. Further rise is possible in the future. I think it will go and test the resistents at 194 now.
We are either still in the uptrend or we have moved into a downtrend. I will be keeping a close eye. If I see a break under 130 i will sell, and reinvest, when the uptrend ones again have been confirmed.
Technical analasys of chemometec. I would advise you to go long based on the trend and MA.