Selnex: Possible formation of an ascending triangle

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worth of cellnex Defining optimistic parts is: (1) we’ve an uptrend with elevated quantity and (2) a violation of the higher sure of the flag formation with subsequent reversal.

We had an inside bar determine at Friday’s shut and right this moment we’re validating it by breaching its most, subsequently, we will get better right this moment and set new highs tomorrow.

Development is concentrated with development and excessive quantity. Therefore, this helps the concept that the market is describing an ascending triangle sample, we’ve ascending lows which point out shopping for strain.

One other optimistic aspect could be a break of the resistance zone between 38.95/39.43 euros, the place it might validate the triangle formation and we might have an impulsive bullish sample in wave three. On this case, the market might proceed to maneuver in direction of the higher facet of the medium-term bullish channel, in direction of the extent of round 49.00 euros per share, which might be a restoration of 26.72%.

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Sellnex on the daily chart with Bloomberg Platform

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