Stock of the day: Unibail-Rodamco-Westfield

We have a new kid on the block today – Unibail-Rodamco-Westfield, the largest commercial real estate company in Europe. The company is listed on the stock exchange in Amsterdam and the reason we’re mentioning it today is that we have a really promising buy signal here.

Our positive sentiment comes from the fact that the price created two powerful technical patterns. The first one is the flag (red). This is a trend continuation pattern and of course, the trend here is bullish. We already broke its upper line so as far as flags go we have a buy signal. The second formation is the inverse head and shoulders pattern (green), which formed at the end of the flag. This is a trend reversal pattern and signals the end of the downswing. We already broke the neckline of this pattern (black), which according to the theory, gives us a confirmation of the positive sentiment.

As you can see, bullish price action here is pretty strong. The price is above major resistances, which can currently be treated as supports. With all this in mind, the positive sentiment can’t be ignored and this setup is looking to be a great bullish opportunity.