ADYEN has been on an impressive run since approximately EUR 700,-.
The channel it formed has recently been broken and a head and shoulders pattern seems to be forming. So for me it's time to sell and look for potential buying opportunities.
There are several smaller supports close by, but the first one with slightly more history is around 870-900. This number interestingly coincides with the target of the head and shoulders (top H&S - bottom H&S= 175 --> bottom 1050-175= EUR 875,-).
And it doesn't end there, because if we take the fib retrace for the last upward channel I mentioned earlier, the 0.618 fib is at 878, exactly in that same area of support.
The H&S officially comes into play once the neckline (orange) is broken.
The channel it formed has recently been broken and a head and shoulders pattern seems to be forming. So for me it's time to sell and look for potential buying opportunities.
There are several smaller supports close by, but the first one with slightly more history is around 870-900. This number interestingly coincides with the target of the head and shoulders (top H&S - bottom H&S= 175 --> bottom 1050-175= EUR 875,-).
And it doesn't end there, because if we take the fib retrace for the last upward channel I mentioned earlier, the 0.618 fib is at 878, exactly in that same area of support.
The H&S officially comes into play once the neckline (orange) is broken.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.