Today we are picking a stock that has been left aside by investors: Carrefour.
The stock is looking for a new dynamic after a long range on a daily basis. Will this be the wakening?
On the chart below, on a weekly basis, we can easily identify a falling wedge. Note that Bollinger bands are forming a range so the positive divergence of the RSI(14) is perfectly accurate. Volumes have risen over the past two weeks, so some big hands are accumulating stocks while ranging.
Natural targets are: 35,59 (parabolic SAR); 36,11 (weekly upper Bollinger). No need for looking higher at the moment, but still it is a 17% return trade while stop should be place 2-3% down from current price.
Good trades
Pj.
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