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Technical Update - LVMH breaking bearish. Rolls Royce breaking deadlock, confirming bullish trend
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: LVMH is drawing a bearish picture. After earning share price is testing rising trendline that if broken can send LVMH share price down to 700
Rolls Royce broken bullish out of narrow sideways range. Short- to medium- term potential to 220-240 area. Medium- to longer-term +300
LVMH is down this morning after earnings release. The stock seems to be forming a triangle like pattern on daily chart currently testing the lower rising trendline
A close below followed by a close below minor support at around 814.40 could send the share price down to strong support at round 774.70. Support at around 805.80
Share price is also below the 55 and 100 daily Moving Averages AND below the Cloud . If RSI is also closing below 40 threshold, which it is likely to do if share close below 814.40, the short-term downtrend has been confirmed.
Medium-term rising trendline has been broken a few weeks ago. And a close below 800 on the weekly chart will confirm medium-term downtrend that could be accelerated if LVMH is breaking below 774.70. A move down into the consolidation area 733 -674 could be seen. Upper level of the area at around 733 is the strongest support level.
For LVMH to reverse the rather short-term bearish picture a close above 870 is needed. Medium-term a close above 893 is needed
Rolls Royce jumped +20% on back of earnings release this morning. The jump has taken the stock out of the range bound behaviour since March
On the medium-term (weekly chart) Rolls Royce has resumed uptrend (after several weeks of range trading) with no resistance until around 221-242 area.
A close above the resistance area i.e. a close above 242 paves the road towards 300-335
There is divergence on RSI both daily and weekly but with todays price action, and given share price will end higher, their (RSI) falling trendlines are broken indicating the divergencies are likely to be cancelled.
To reverse this bullish picture a close below 143.75 is needed. First indication of that scenario to play out would be a close of the gap created at the opening today i.e., a close below 156.70
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