KNOWIT-analys vet inte vad man ska skriva här
vet inte vad man ska skriva här
vet inte vad man ska skriva här
vet inte vad man ska skriva här
vet inte vad man ska skriva här
vet inte vad man ska skriva här
vet inte vad man ska skriva här
Nasdaqstockholm
Hufvudstaden — Bullish: Morning Star, S/R Flip, and moreHufvudstaden AB is a Swedish, Large-Cap real estate company listed on Nasdaq Stockholm.
BACKGROUND:
- During the severe sell-off in February/March, price traded at approximately -50% at its lowest point, as mesaured from the previous all-time high.
- Throughout summer, price traded in a falling wedge pattern, which eventually broke out to the upside. At this point, as demonstrated in the chart, we see a clear local resistance level at around 132, confirmed by a third rejection at that level in mid-September.
- We are likely seeing a change in market structure, which started with the wedge-breakout in September. We have at least one higher high, and two higher lows, as indicated by the arrows.
- The 132-resistance level was broken in an early-November rally, and that level has seemingly been re-tested and flipped as support. The case of a S/R flip is strengthened by the occurence of a Morning Star pattern, which has formed on the daily chart.
PROJECTION:
- With double local confluences, including a mid-term S/R-level flip and a Morning Star pattern, going long here could be profitable.
- A safer play in the longer-term, however, would be to wait for a proper break of the 140- and 145-levels. 140 constitutes a local double-top from April, confluent with the 38,2% Fibbonaci retracement level from the Feb/March drop.
- 145 is a long-term resistance level, when looking on a multi-month/year time period. Price ranged below that level during +2 years time (2016-2018).
- Clearing both these levels would signal substantial room for upside continuation and price recovery.
