Stock of the day: Philips

By Tomasz Wisniewski|

Published: July 14 2022, 08:24 GMT+0

Stock of the day: Philips

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Thursday brings us an analysis of Philips and it will be the second piece we write about this instrument. We first analysed Philips at the beginning of June, and back then we pointed at the importance of the trend continuation patterns here. Philips respected them with great accuracy. We concluded the previous piece in the following way:

“As long as we stay inside of the wedge, the sentiment remains positive, but definitely not positive enough to think about a long-term buy signal. Currently, the biggest chances are for the breakout to the downside and that is our base scenario for PHIA.”

Three days later the price did in fact break the lower line of the wedge, and it then dropped significantly lower. Great call. I guess you wouldn’t be surprised if I told you that we’re currently inside of the trend continuation pattern again! This formation is a pennant (red lines) and also promotes the breakout to the downside. As long, as the price stays below the yellow resistance (21.5) the sentiment remains bearish.

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