AGEAS – Opportunity for a long with the trend

Timeframe: Daily

Technical commentary: The shares of the Belgian company Ageas have adjusted to a good level to open long positions. Fibonacci 23.6 is currently providing good support, with the price also relying on diagonal support. DeM is already in the resale zone. The stock is also lagging behind its main index – BEL20, which indicates that it will have to return to normal correlation with the broad index of Belgium.

Fundamental comment: The company has also announced a stock buyback program, at which point I expect the price to go up again. Analysts’ recommendations remain within buy and strong buy, with high expectations for the performance of the insurance company.

Alternative scenario: If the price fails to hold above the supports, their break and hold down, I would expect the price to continue to fall to the levels of about 200 periodic moving average and 38.2 Fibonacci. In this case our bullish variant will collapse.

 Trader Martin Nikolov

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