Rheinmetall has invalidated our previously defined Fibonacci retracement zone.
We had previously set a Fibonacci retracement zone where we expected a local bottom to form. However, this zone was invalidated once the market fell more than 1% below it. This zone is now marked grey and deactivated.
The market has since found its local bottom and is currently initiating a short-term recovery phase into orange wave b. For this recovery, we have set a Fibonacci retracement zone, which represents a selling opportunity, as we expect the current correction is not yet over.
Short entry levels:
- 50% at $1,456
- 61.8% at $1,587
- 78.6% at $1,774
Stop loss: 1% above the zone, at $1,792
From there, we expect the market to fall and reach our long-term defined Fibonacci retracement zone, which we outline as a long-term buying opportunity for this stock.
Long entry levels:
- 61.8% at $774.70
- 78.6% at $439.40
- 88.7% at $237.80
Stop loss: 1% below the zone, at $235.40
If anything changes, or if Rheinmetall reaches one of our Fibonacci retracement zones, we will update you immediately.
Kind regards,
Monalytics
DISCLAIMER: The content on this website, including charts, analyses, and recommendations, is for informational purposes only and does not constitute financial, investment, or professional advice. Trading and investing involve risk. You should consult a qualified financial advisor before making any investment decisions.
