The stock of the day on this Tuesday is Adidas, a stock you can trade on the exchange in Frankfurt. We’ve mentioned Adidas here before, specifically on July 20th, when the company’s price was experiencing a losing streak. Despite a few bearish days in a row, we were bullish:

“And here we are, Adidas is currently testing the 303 EUR support but this time, from the top. As long as we stay above, the sentiment is positive. A bounce here in the shape of a hammer or a bullish engulfing pattern would be a great occasion to buy.”

That was another great call (if we do say so ourselves). The price bounced from 303 EUR confirming the line as a crucial support. It was not a V-shape single reversal though. We needed two tests of that area in order to climb significantly higher. The second bottom was confirmed 3 days ago and since then, we do have a real bullish bonanza here!

Double bottom bounce from a crucial support is a strong technical indicator that the sentiment is bullish. We stay positive here, as long as the price stays above the 303 EUR support. As for now, we don’t see a big chance for a comeback below that area.


About Author

During his career, Tomasz has held over 400 webinars, live seminars, and lectures across the globe. He was also an academic lecturer at Poland's Kozminski University. In his previous work, Tomasz initiated live trading programs, where he traded on real accounts, showing his transactions, providing signals and special webinars for the accounts; none of which were ever negative. Tomasz gives preference to a technical approach to trading: mainly price action with very strict money management rules. He believes that the most important thing in trading is your mind, so it is much better to focus on trading psychology than to look for the Holy Grail of trading systems.

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