City Holding Company (CHCO.US) - Weekly/Daily
Our expectations: Long-term upward trend with adjustment to core support area. Price close to a key support area providing the opportunity to hold long positions with SL: 72.50.
Alternative Scenario: If the price goes below the support zone and stays there, the positive scenario will be spoiled, and we are more likely to see an in-depth adjustment.
Commentary: The price is in the long-term Long-trend, forming a corrective wave in the last month and reaching a support zone formed by a major upward diagonal, 23.6% Fibonacci core trend adjustment, 50SMA and horizontal support. 50SMA and 200SMA are beached - the trend remains in place. Price Action - Going down a chart down to a living room, the bulls' resolve to buy cheaply in the support area, but there is still no clear price action formation to confirm the reversal. For this reason, we leave the action on our Watch List and await the definite buy signal.
In terms of indicators, the long-term CCI50 remains above 0, indicating that the long-term trend remains Long. CCI14 is still entering an over-sales area and is not reporting purchases - temporary downward impulses are likely. It is then okay to position ourselves with long orders and Stop Loss under the support area. In this case, we will make the most of the situation and increase the risk/return ratio.
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
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