Stock of the day: Mondelez

By Tomasz Wisniewski|

Published: January 31 2023, 09:38 GMT+0

Stock of the day: Mondelez

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The last day of this month brings us the analysis of Mondelez, which we previously analyzed on the 20th of January. Back then, we were bearish and we saw a potential for a drop toward the 38,2% Fibonacci, which very often is a great aim and frequently amazing support. This is how we concluded our previous piece:

“With all that, the sentiment on Mondelez is negative and most probably, the price will soon touch 38,2%, or even 50% Fibonacci. Maybe not today, as Friday will probably bring us a bullish correction, but it seems like a pretty reasonable plan for the weeks to come.”

Mondelez indeed went to 38,2% and indeed started a correction there. Correction is very nicely shaped as a flag and managed to reach the 23.6% Fibonacci and checked this level as resistance. The area around the 23.6% is not only the Fibonacci level but it’s a legitimate resistance coming from the bottoms from November, December, and January (65.4 USD)

As long as we stay below the 65.4 USD resistance, the sentiment remains negative and the chances to see new mid-term lows are much higher than to see new highs. A bearish scenario will be canceled, when the price will come back above the 23.6% Fibonacci, so traders should carefully observe that area.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-mondelez

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