(News Bulletin 247) – As a portfolio hedge, active investors will be able to initiate a “short” position on EDENRED shares, whose graphic configuration continues to deteriorate.
KEY GRAPHIC ELEMENTS
The graphical analysis in daily data of the EDENRED share allows us to identify a bearish trend in the short and medium term. In terms of trend indicators, the 50-day moving average (in orange) acts as resistance for the prices. The trading volume is increasing, a technical data favorable to our anticipation. The technical reading in Japanese candlesticks allows us to identify a configuration in marubozu black dating from the session of 07/23/2024. According to the Japanese candlestick analysis, the black marubozu has negative consequences for the prices. This is a textbook model, characterized by a very long body, without any upper or lower shadow.
FORECAST
Considering the key graphic factors we have mentioned, our opinion is bearish on EDENRED stock in the short term.
The News Bulletin 247 team therefore suggests that active investors bet on this bearish scenario by short selling the EDENRED share price at €35,520 and aiming for a target of €30,010. It is strongly recommended to place a stop order at €38,400.
The News Bulletin 247 council
DAILY DATA CHART
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
