Akzo Nobel N.V. : An appropriate purchase level
By Etienne Veber
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
€54.37 | €55.8 | €51.45 | +2.63% |
Technically, in daily data, even if moving averages are not all well-oriented, a positive reaction in the EUR 52.9 area should stop the bearish trend and allow a technical rebound towards EUR 55.8. Moreover, the trading range EUR 52.9/55.8 has been maintained for many weeks, so this situation should continue.
Therefore, the proximity of the EUR 52.9 support is an opportunity to take a long position. The first goal is a return to the EUR 55.8 resistance area. In fact, the security has to cross this area in order to re-establish a bullish trend to reach the EUR 58.45. A stop loss order can be placed under the support currently tested.