Since the low on 7 August at USD 110.50, the stock has recovered to the USD 135 area. However, here is a resistance cluster consisting of the EMA 200 and the falling trend channel line from Q2 and Q3. In our main scenario, we expect prices to fall again to the USD 114–118 range. However, we do not currently see a break below the last low due to the overarching sideways phase. If the USD 110 mark is abandoned, however, significant downside potential would open up.
A sustained rise above USD 135 will trigger a bullish alternative on the upside. In the medium term, the chart picture could then brighten, and further price gains up to USD 150 would be relatively straightforward.
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