Stock Market Watch: Solutions 30 – Initial Downside Target Hit

This post was written by Zak Mir, a Technical Analyst, Events Host, Presenter, CEO Interviewer and established Market Commentator

One of the lessons that traders have learned since the pandemic began is that you go short of stocks and indices at your peril these days. Even if there is a decline, as we are currently witnessing for leading indices, they do not tend to last. However, in the case of Solutions 30, we are a week into a steady decline for the European technology solutions group. Indeed, versus the original charting call around the €18 market, we have seen a relatively smooth decline to the initial €15.80 target at the floor of the rising wedge/50 day moving average. The risk now is that with short positions piling into the stock, while below the 50 day line we could see a follow on decline towards the 200 day moving average now at €12. It is anticipated that this could be delivered as soon as the end of next month.

Disclaimer:

Zakmir.com is a purely journalistic website – Zak Mir is a member of the National Union of Journalists. There is no intention here of providing financial advice. It is recommended you seek an independent professional opinion before deciding whether or not to take any action with regard to anything written here.

Zak Mir

Zak Mir

About Me

Zak Mir is a Technical Analyst, Events Host, Presenter, CEO Interviewer and established Market Commentator. Zak presents the daily Bulletin Board Heroes which can be seen here at Share Talk

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