BASF – Long after correction and a price action signal

BAS.GR D1 Our expectations:

A new long trend is under way after the movement exits the short-trend price channel. Breakthrough a key resistance and successful test provides a good opportunity for entering in position with a close stop.

Price Action: Pin bar at a support level

Test of 38.2 Fibonacci the price robound.
Price below 50SMA and above 200SMA. MAs are stacking in a bullish formation
DeMarker turns above 0.3 signal for increase.

SL: 66

Alternative Scenario: If the price return again in the bearish Trend Channel, the short trend most likely will continue.

 Trader Georgi Bozhidarov

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