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Technical Update - Philips seems to be resuming uptrend
Equities 2 minutes to read
Kim Cramer Larsson
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.
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