Are the German stocks showing some downside is coming in this market?
This morning I was scanning the charts and have a look at some plays for the coming week. I am looking to take some short positions on some stocks the coming week and I love how already the dax is starting to pullback on the daily chart.
I was scanning and my eye fel on the €BMW chart, this stock is trading on the German DAX and it is starting to make a nice insp bear flag below the 20 and 50 moving average. I am looking to take a short position at the close on Monday. If the stock is already pulling back on Monday this will be off the table.
I am looking for an entry at €71.60 level my stop on this play will be the confirmation above the 20 moving average. My first goal will be €67.55 and my 2nd goal will be €63.50.