has formed a double bottom
as shown on the weekly chart along with a decreasing volume
which suggests a lack of selling pressure. We are now waiting for a confirmation signal from the RSI
to break through its trendline
before opening a position on this stock. We expect price to test the upper trendline
of the triangle before breaking through should the UK decide to remain in the EU as UK is a huge importer of BMW
cars. It was also reported a few days ago that BMW
plan to accelerate plans to innovate driverless cars by partnering with technology companies and acquiring start up companies. On the long side, we expect this pair to head towards the €100 level. Alternatively, if the fundamentals send price down, we expect it to target the €50 level.