Technical Analyst, Saxo Bank
Summary: Philips medium-term uptrend has been in jeopardy after heavy sell off in July, but a jump this morning could breath new life in to the bullish scenario
Philip N.V. is jumping 5% from the morning and is currently trading back above the Cloud (shaded area which is considered bullish) and above the 55 daily Moving Average.
If closing today above both indicators there could be further upside next few days despite the RSI still showing negative sentiment.
Medium-term Philips is in an uptrend (higher highs and higher lows on the weekly chart) supported by bullish RSI that is not showing any divergence suggesting likely higher price levels
Strong resistance at around 21.90. The 100 weekly Moving Average will add to the resistance
If Philips is sliding back to close the gap from this morning 14th August i.e., a closing below 18.69 the stock is back in neutral and the uptrend could be in jeopardy.
A close below 18.40 will reverse the trend with Philips likely to slide back down to the support at around 17.34. Strong support at around 15.00-14.54
First indication of the bullish trend is reversing would be if Philips is closing below its lower rising trendline on the weekly chart.
The end of the road
Emboldened by surging crude oil prices, Saudi Arabia makes waves on the international stage, as Crown Prince Mohammed bin Salman manages to create a World Champions League, after buying the UEFA Champion League franchise.
As the world embraces GLP-1 obesity wonder drugs, the people next in line to get a prescription stop caring about dieting and exercising, figuring that the drug will later solve all of their weight-related health problems.
With the US budget deficit spiraling above 10% of the GDP, the government is desperate to foster demand for US Treasuries. Under intense pressure from the White House, Congress makes income from government bonds tax-free.
After a criminal group deploys the most deceptive AI deepfake ever seen, generative AI becomes a national security threat. With public distrust soaring, governments crack down with harsh new laws, puncturing the AI hype.
To fix the divergence in the global trade and financial system, the largest deficit countries unite to negotiate new world trade terms. For surplus countries, the reset of the global economic model is a painful adjustment.
As discontent with Biden and Trump rises to fever pitch, Robert F. Kennedy Jr sees his support rising inexorably in the polls. On November 5, Kennedy wins the US presidential election, ushering in a new era in US politics.
Stepping up Japan's economic transformation in 2024, PM Kishida brings in a host of populist policies to boost domestic demand. As the GDP growth rate hits 7%, the BoJ is forced to abandons its yield curve control policy.
As people wake up to how little tax Europe’s billionaires are actually paying, the EU Commission implements a wealth tax of 2%. The tax sends shockwaves through Europe's luxury industry, with luxury giant LVMH plunging 40%.