Ericsson, looking for a buying opportunity
So looking on the monthly chart we see that despite covid, Ericsson nicely held it's long term upward trendline.
Furthermore, it broke through some pretty tough resistance with a big green candle this month.
All great signals for a continued long term upward trend.
So what do I want to see for a good buying opportunity?
- A retest of the horizontal resistance now turned support. (orange arrows)
- Possibly with another touch on the blue trendline. (orange arrows)
- Then on the lower timeframes a bullish candle pattern to confirm support at the mentioned support area.
NB. There is a gap still at 87.65, let's see if this might come into play.
Furthermore, it broke through some pretty tough resistance with a big green candle this month.
All great signals for a continued long term upward trend.
So what do I want to see for a good buying opportunity?
- A retest of the horizontal resistance now turned support. (orange arrows)
- Possibly with another touch on the blue trendline. (orange arrows)
- Then on the lower timeframes a bullish candle pattern to confirm support at the mentioned support area.
NB. There is a gap still at 87.65, let's see if this might come into play.