Technical Update - Philips down trend continues trading below key support
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Earnings from Philips was disappointing, and share opened lower this morning. Philips shares are close to testing June lows at 19.16.
If it closes the day below, it just adds to the down trend Philips has been trading past 12 months. See monthly chart. A rebound in the form of a rising wedge like pattern was reverse with the break of the lower rising trend line in the wedge this morning
Philips has taken out the key support at around 20 and if it closes the July below, further selling pressure could take Philips to test support at 16.68. For Philips to reverse the short-term down trend a daily close above 21.81 is needed.
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