Short term view - SOMFY : The 50% retracement is causing the bounce.
Prices were consolidating in a pattern. They broke above the highest threshold of that pattern. The trend becomes bullish. The target is at €91.50. The invalidation is below €79.90.Arguments :
- The major support has been reached, it causes the bounce.
- The 50% retracement is causing the bounce.
- The rising moving average confirms our opinion.
- The reaction at the resistance is weak, we anticipate its break soon.
Somfy SA is a France-based company engaged in the design, manufacture and development of controls for openings and closures of homes and commercial buildings. The Company's range of products include automatic controls for awnings, rolling shutters, storefront grills, garage doors and gates, motors and controls for roller shutters and curtains, venetian blinds and all interior window coverings and decoration, alarm systems and for protecting large utility facilities. It has operations in France, Germany, Greece, Romania, Italy, Middle East, Asia Pacific, and the United States, among others.The Company operates through Garen Automacao, Neocontrol Solucoes em Automacao SA and MyFox, among others. It joins venture with iHome in South East Asia.
DayByDay is an independent research company providing global macro and single stock analysis, recommendation and allocation based purely on behavioural finance methods. Those include long term cycle analysis, sentiment analysis, and technical trigger. DayByDay serves all clients in need of practical and precise publications to make effective market decisions, on any time horizon, from a few hours to a few years.
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