Bayer is a descending Triangle Chart Pattern
Strong support level has been re-tested several times
Continually lower highs puts pressure on this support level
Best patterns have dropping volume and volatility/ATR
Fewer traders are interested in this consolidatation
At some point expect an explosive breakout
Wait for a close below the support level
Hey guys, here is an analysis for Bayer.
Bayer is a global company which act in healthcare and agriculture sectors with huge profit and this sector is good to invest, BUT.
Here could come time for SHORT our positions. This is a short term trade, because from long term i guess this company will grow and create value.
If we look at the chart, we can see value...
W1 - Double wave down, Price moving higher after reaching critical zone. Bullish divergence formed.
D1 - Special cycle completed, we may expect the price to reach 50% retrace.
H4 - False break on the bottom and also a false break on the top with convergence. Possible push to upside or at least in a corrective range.
As long as the low at 102.11 holds, we can...
H4 - We have a classical scenario divergence followed by convergence.
We saw two waves up already.
Breakout of the range that formed after the first bullish leg.
Price is now consolidating and divergence has started forming.
H1 - There is a down trend line to follow
There is already continuing divergence forming.
I expect the price to find a bottom around 108.85...