Finance

Merlin Properties: Attempt to break out of the lower side of the long-term uptrend channel

Merlin Properties: Attempt to break out of the lower side of the long-term uptrend channel
Headquarters Merlin Properties

The price of MERLIN Properties managed to breach the resistance zone 9,310 / 9,440 euros, resuming the structure of ascending minimums and maximums that started from OCT 2020, leaving a key long-term support at the height of 7,580 euros per share.

Currently, the value is testing both the lower side of the long-term bullish channel in fuchsia, as well as the previous support level, 8,840 euros. Its loss on a daily close would be a first sign of weakness.

On September 13, after the IPC data, the market ended up forming a bearish engulfing pattern indicated in blue, leaving a significant resistance at the pattern’s highs, at 9,410 euros.

To have a signal of strength, it is necessary that we violate the critical point of 9,410 euros, since it would validate a double bottom figure, as it currently has two lows at the 8,840 euro level and a maximum between those two lows, 9,410 euros.

Breaking above the 9,410 euro level would be a very positive sign as, in addition to validating a double bottom pattern, it would also break the 40 and 200 simple moving averages.

The next resistance would be in the area of โ€‹โ€‹annual maximums 10,060 / 10,110 euros, whose violation would open a new bullish scenario towards the upper side of the long-term bullish channel, towards levels of approximately 11.60 euros.

Support levels are located at: (1) the lower side of the long-term bullish channel in fuchsia, (2) the previous low at โ‚ฌ8,840, (3) the relevant support level at โ‚ฌ8,400, and (4) key support at the minimum of MAR 7 at 7,580 euros per share.

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The loss of the level 8,400 euros would be a negative sign, validating a great figure of triple top indicated in gray.

As a positive sign, we are falling with decreasing volume. As long as we do not lose the support level at 8,840 euros on a daily close, we would not have any bearish signals.

Merlin Properties on daily chart with Average Amplitude Range in percent, MACD oscillator and trading volume

Merlin Properties on daily chart with medium and long term analysis template.Merlin Properties on daily chart with medium and long term analysis template.
Merlin Properties on daily chart with medium and long term analysis template.

Merlin Properties on daily chart with Average Amplitude Range in percent, MACD oscillator and trading volume

Merlin Properties on daily chart with medium and long term analysis template.Merlin Properties on daily chart with medium and long term analysis template.
Merlin Properties on daily chart with medium and long term analysis template.

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