Stock of the day: BMW

By Tomasz Wisniewski|

Published: August 29 2022, 08:37 GMT+0

Stock of the day: BMW

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Last week ended terribly for stock traders. It was really hard to find a company which was rising on the last day of the week. It couldn’t have been an enjoyable weekend for those who get very emotional about trading. It was almost certain that the Asian and European markets will open with a bearish gap and that’s what happened. By now you shouldn’t be surprise to hear that today’s stock of the day is an occasion to sell.

For months, BMW was inside of a big symmetric triangle pattern (red) that ended today as the price broke the lower line of this pattern. This means a breakout and a proper sell signal. Prior to this, BMW created a head and shoulders formation (blue), which was already giving us some hints about a possible drop.

The price closing Monday below the lower line of the triangle will mean a proper, long-term sell signal. Yes, buyers still have a chance for a comeback, that’s why it would be best to wait for today’s cancel to close first before making any trading decision, you know, just to gain extra confirmation.

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