Bombardier finally broke .57 resistance, and looking for the weekly reversal. It is currently testing .56-.57 as a potential support. The volume is decently high for the breakout. In case .56 does not hold, .53 retest may be necessary.
Daily 100MA most likely acts as an overhead resistance, but plenty of profit can be made in this trading...
Since the Covid-19, the sector of aeronautics got hit as project has been stopped, cancelled or postpone.
Through out this last 20 days we can see a ranging motion, the next sign of rise, can indicate a good potentiel buy if it breaks consistensly at a level of 0.88.
Another analysis for Bombardier is the fact that it just finished 5 impulse waves and corrected to the 70% fib level. We might see one more leg down or a double bottom around the $0.43 before the takeoff.
Anything below 0.40 would invalidate our count and then we could see a new all time low.
technical chart is obvious. we will rise at least to the first fib line. next week is the quarter report and based on the fundamental news of reopening airlines, it is good time to observe it and buy when hits low.
We are in unique times and Bombardier has been a forefront name to Canadians for a long time. During this pullback we have been outside the 4 hour BB twice, once on the drop March 18/19 and once after the big bounce on March 26. We are now coming back to the low of 52 weeks ($0.38) with the 4 hour timeframe nearly outside of the BB and the hourly in oversold...
Hammer printed on daily touching 1 year trend line, slow uptrend after printing hammer forming an asecending triangle pattern with increasing volume going into earnings. Possible upside breakout after earnings report.