One of the shares I'm reviewing for next week is CFR.
Richemont | Channel Resistance Holding, With Bearish Divergence | Year-to-date, the share has been incredibly range-bound, having traded between a support range of 139/141 and a resistance range of 148/149. Looking back over a 14-month period, we note the share having tested and held a broader trend line resistance level that has formed part of an upward channel. At current levels, the year-to-date resistance appears firm, with sellers continuing to dominate. We also note the RSI having developed a bearish divergence, with the indicator now at 51 and trending lower. A possible reason for the continued price strength has been the rumors of a potential buyout by one of the larger luxury goods houses. Any confirmation of this would mean that all bets on a short term price decline would be off.
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Richemont | Channel Resistance Holding, With Bearish Divergence | Year-to-date, the share has been incredibly range-bound, having traded between a support range of 139/141 and a resistance range of 148/149. Looking back over a 14-month period, we note the share having tested and held a broader trend line resistance level that has formed part of an upward channel. At current levels, the year-to-date resistance appears firm, with sellers continuing to dominate. We also note the RSI having developed a bearish divergence, with the indicator now at 51 and trending lower. A possible reason for the continued price strength has been the rumors of a potential buyout by one of the larger luxury goods houses. Any confirmation of this would mean that all bets on a short term price decline would be off.
For info on how you access my full report, DM me today.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.