NIBE Industries Short brewing thanks to an M Formation

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NIBE INDUSTRIER AB SER. B (OMXSTO_DLY:NIBE_B)

OMXSTO_DLY:NIBE_B NIBE INDUSTRIER AB SER. B

trendanalysis chartpattern fundamental atnibe sweden swedishkrona swedish

M Formation has clearly formed on the daily chart.

The price has broken below the Neckline which is showing more downside to come.

We have other indicators showing a downtrend momentum including:

200>20>7
RSI<50
My first target will be at 43.22

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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)