Stock of the day: Bayer

By Tomasz Wisniewski|

Published: October 11 2021, 08:34 GMT+0

Stock of the day: Bayer

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New week, new trading opportunities! In today’s analysis, we would like to present to you Bayer- pharmaceutical hegemon from Germany. Since May, its price is declining but we’re now seeing the first signs of a potential reversal and that’s what this analysis is about.

The reasons why we’re bullish here is the fact that the price created an optimistic reversal pattern – head and shoulders (orange). The Head and Shoulders is present at the end of the channel down formation (red lines), which only makes it better and more promising. The price has already broken out of the channel down formation, which is good for a start. We can also already see the neckline of the inverse Head and Shoulders pattern (black), which will in theory activate this pattern. So, the proper buy signal was already triggered here at the end of Friday’s session.

How is the Monday opening? Well, so far it looks great, the price is pushing towards new mid-term highs. The main target for Bayer is 50 EUR, where we have a combination of a horizontal (blue) and a dynamic (green) resistance. Chances that we will get there are pretty high.

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