Stock of the day: BMW

By Tomasz Wisniewski|

Published: June 13 2022, 07:02 GMT+0

Stock of the day: BMW

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We start the new week with an analysis of BMW, which we analysed on our portal many times in the past few months. As you may expect, the sentiment on BMW is negative, as it is on almost all stocks worldwide.

The sell signal wasn’t so obvious though. At the beginning of June it was actually quite positive. The price managed to escape from the symmetric triangle to the upside and then break a crucial horizontal resistance on the 83.5 EUR (blue).

The thing is that this breakout happened to be a false one (green) and last week th price quickly came back inside of the triangle. That’s a very negative signal, and currently we should expect the price to test the lower line of the triangle.

Sentiment is negative and will stay that way as long as the price stays below the blue resistance. The price climbing back above would be a buy signal, but chances for that happening are currently rather thin.

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