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Technical Update - Aalberts building uptrend with potential to reach €49

Equity 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Aalberts have closed above its medium-term falling trendline in what looks like a falling wedge pattern – see weekly chart – now testing the 200 weekly SMA. A weekly close above €39.69 will confirm uptrend.  This come after Aalberts formed an Evening Doji bottom and reversal pattern back in October following divergence on RSI indicating the down trend was weakening. 

When Aalberts closed above €36.60 and RSI above 60 the short-term uptrend was confirmed. An uptrend that could take Aalberts to next resistance at around 42 short-term and to strong resistance at around 49 medium-term i.e., going in to 2023 

For this bullish scenario to be reversed a close below 33.65 is needed. A close below 35.80 will indicate the uptrend is likely to reverse.  
Aalberts w 23nov
Source: Saxo Group
Aalberts d 23nov
Source: Saxo Group

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