FlatexDEGIRO - Technical Analysis
A flatex degiro follows an upward trend, with a oblique trendline that has served as support for it twice, in October 2018 and in October 2022.
In the steepest declines it experienced, it corrected in both instances to the algorithmic level of 0.79, both with the confluence of an order block on the 3-month timeframe:
The price, since it made the recent low at 5.58, reversed and started an uptrend, respecting the bullish arrays and retracing to the expected algorithmic levels (0.5/0.618). It struggles with the resistance of a monthly bearish FVG, which it has already touched and reacted to four times without fully breaking it.
In the weekly timeframe, it can be observed that the price is currently retracing from the last reaction at the mentioned bearish FVG. It came to the 0.5 retracement level. Despite having a propulsion block below with confluence of algorithmic levels 0.705/0.79, there isn't much liquidity in the recent upward movement to rebalance, as the movement was executed fairly.
So far, the price remains bullish in the long term, respecting the bullish arrays on higher timeframes. It gave a positive signal by recently breaking structure. Looking ahead, the price range between 15.10 and 18.66 appears to pose some resistance.
In the steepest declines it experienced, it corrected in both instances to the algorithmic level of 0.79, both with the confluence of an order block on the 3-month timeframe:
The price, since it made the recent low at 5.58, reversed and started an uptrend, respecting the bullish arrays and retracing to the expected algorithmic levels (0.5/0.618). It struggles with the resistance of a monthly bearish FVG, which it has already touched and reacted to four times without fully breaking it.
In the weekly timeframe, it can be observed that the price is currently retracing from the last reaction at the mentioned bearish FVG. It came to the 0.5 retracement level. Despite having a propulsion block below with confluence of algorithmic levels 0.705/0.79, there isn't much liquidity in the recent upward movement to rebalance, as the movement was executed fairly.
So far, the price remains bullish in the long term, respecting the bullish arrays on higher timeframes. It gave a positive signal by recently breaking structure. Looking ahead, the price range between 15.10 and 18.66 appears to pose some resistance.
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