I took a pilot position at 5200 and I will be looking to add at minor corrections
Technicals: stock quickly recovered from recent COVID-19 crash lows. it didn't break the previous low made Aug 2019. Broke out an exceptionally high volume and has been consolidating its gains.
Fundamentals:
This exceptional rise in OPM has lifted the profits to the highest level...
BAYERCROP has shown an ascending triangular movement over the last week.
The last daily timeframe candle has tried to move down but shown a rejection of lower levels.
Breakout can be traded at the break of the previous high @ 5451 with a target @ 5584.
NOTE: Trade with confirmation of momentum & volume on lower timeframes in intraday.
Bayercrop margins at its highest levels with the highest eps. very high chances that the stock can double from here. I will be adding more to continuing price strength. Technically stock has posted highest volume since 2017.
In September I found that Bayer is topping in Elliott wave 5 and may head for a correction.
Here's the EW count:
Markets were disappointed with the earnings, for the past 4 out of 6 quarters. The stronger USD may pull Bayer further down.
Breakout on the up or a BreakDown??
Disclaimer: please do your own analysis before investing, this is not an tradin/ investment recommendation
note: Invested
