Orange broke above its short term resistance around 11.50 USD. At the same time Orange exited rectangle formation which may coincide with the beginning of new trend. Although, this has to be taken with caution as further confirmation is needed. In terms of the technicals RSI and Stochastic are bullish. MACD performed crossover above 0 points which is bullish as well. ADX contains low value suggesting very weak trend or no trend. Prior resistance near 11.50 USD took role of the current support depicted as "Support 1". There is also Support 2 near 11 USD pricetag. We remain bullish on Orange with medium term price target of 12 USD.
MACD on daily timeframe:
Very bullish.
Stochastic on daily timeframe:
Very bullish.
Prior developements from 16th August 2021:
*Correction*: Medium term price target was supposed to be 12 USD and not 12 EUR. We apologize for this mistake.
Here we outlied prior setup for Orange.
Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
MACD on daily timeframe:
Stochastic on daily timeframe:
Prior developements from 16th August 2021:
Here we outlied prior setup for Orange.
Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
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