Germany: Adidas surrenders to the bearish correction – Analysis – 3-6-2019

Adidas shares price confirmed surrendering to the correctional bearish bias domination by providing frequent negative closings below the bullish channel’s resistance at 265.00, to notice bouncing towards 251.50 recently, which allows us to suggest more negative attempts and expect moving towards 243.30, while gathering new negative momentum might extend trades towards testing the initial support at 234.70.

Stochastic attempt to exit the oversold areas supports our negative overview for the near term trades by providing new negative momentum and increase the chances of forming the negative attack to achieve the mentioned targets.

The expected trading range for today is between 259.60 and 243.30

The expected trend for today: Bearish