Technical Update - Adyen could be closing August 2023 gap. Eyeing 1,700 Technical Update - Adyen could be closing August 2023 gap. Eyeing 1,700 Technical Update - Adyen could be closing August 2023 gap. Eyeing 1,700

Technical Update - Adyen could be closing August 2023 gap. Eyeing 1,700

Equities 1 minute to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Adyen trying to close big bearish August 2023 gap. Indicators suggesting it will be successful and could be set for higher levels


Adyen has been trading around 1,200 for the past couple of months now. 1,200 is lower part of the large bearish gap created back in August 2023. With the better than expected earnings release this morning Adyen is set to close said gap. A close above 1,472.40 and the gap is close

If that scenario plays out Adyen could be set for even higher levels. A move back to strong resistance around 1,700 would be in the cards

If Adyen is closing the week around current levels or higher the weekly RSI is back above 60 threshold i.e., in positive sentiment that will further support the bullish scenario

A failure to close the gap and Adyen could slide back towards the 1,200 level
adyen d 0802
Source all charts and data: Saxo Group
adyen w 0802

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