UCG trade ideas
Unicredit break trendlineUnicredit broke trendline at 2.30 area. Good RR for a long trade towards 2.8
#UNICREDIT - NEXT EUROPEAN BANK WITH A BREAKOUTUnicredit is the next European Bank to stage an impressive base breakout. EU Banks are at a turning point, outperforming, and have a lot of catch-up to do. Technicals look great. Unicredit appears to move into a vacuum and I see immediate upside into 2.75/.77
I'm a chart analyst, not a fundamental analyst, but here are a few thoughts what could drive EU Banks outperformance. Fundamentals continue to look awful, however there are a few tailwinds from:
- bank CEO acknowledging structural weaknesses (DBK CEO y'day)
- serious consolidation talks
- FED rate hikes
Short signal on UCGM or UCG UNICREDIT SIGNA TYPE: SHORT
ENTRY POINT: 1° tranche = 2,640-2,610 euro
2° ENTRY POINT: 2° tranche = 2,740-2,710 euro
STOP LOSS >= 2,916 euro
TAKE PROFIT 2,250-2,200 euro
UNICREDIT UCGThe level of 2.80 Euro represents an important support in the medium term; if fall below that level, the first target is positioned in area 2.30 Euro, then 2.00 euro.
