Germany: Adidas begins the correctional decline – Analysis – 13-8-2019

Adidas shares price lost its positive momentum recently to end the bullish rally and begins forming correctional bearish trades by crawling below 270.70 initial support, noticing that the price suffered losses by touching 254.00, expecting to face new negative pressures to target the bullish channel’s support line at 238.00 to form the main target of the bearish bias.

Stochastic sharp decline and approaching the oversold areas reinforces the negative overview by providing strong negative momentum to increase the chances of reaching the mentioned main target.

The expected trading range for today is between 265.00 and 145.50

The expected trend for today: Bearish