Germany: Beiersdorf makes key change – Analysis – 16-1-2019

Beiersdorf shares price succeeded to form negative pattern by declining below 89.25 level that forms the neckline of the double top pattern, to confirm its preparation to change the main track in the near term and medium term period, expecting to break 86.90 and suffer big losses that might start at 84.85 and 81.90 levels.

The consolidation of the moving average 55 above the current price confirms blocking the price within the new negative range, also, stochastic decline towards 20 level increases the chances of gathering the negative momentum to increase the chances of achieving the suggested targets.

Expected trading range for today is between 89.00 and 86.90

Expected trend for today: Bearish