The stock has continued short-term upward trend since August 28. The main support level is 50,00 this week. 52,25, 51,50 and 50,75 are intermediate supports.
In the case of possible retreat (as long as above 50.00 in particular), we think that declines would be limited, short-term upward trend would maintain and the range of 54.50-56.00 would be tested initially in the coming period. Positive signals from short-term indicators strengthen this possibility. Therefore, the stock can be bought in retreats with a stop loss at 50.00.
Possible upward movement towards 56,00 level can be considered as a selling opportunity in the short-term. The intermediate resistance ise 55,00.
We need to see the breaking of the main resistance 56,00 (mid-term down trend line) for the continuation of the possible upward-trend in the longer-term. Above this level, mid-term targets are 58,25 initially and historically highest 59,75 level.
If the share price breaks the support level of 50,00, the short-term upward trend is likely end and the stock could enter into a new wave of selling. Therefore, our recommendation is to close positions below 50,00.