After a nice rally in August, the stock consolidated sideways in mid-September. In doing so, it formed a bullish wedge. Our main scenario is that the stock will remain in the wedge for a while, and then break out procyclically to new highs after another run at the upper wedge boundary.
A somewhat more neutral variant would be a break of the USD 21.20 level, in order to then retest the medium-term upward trend channel. Only below approx. USD 20.40 does the chart picture become significantly more bearish and sharper downward waves could occur.
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