Shares of Volkswagen AG, a German automobile corporation, are trading as part of an intensifying global correction around 115.00.
On the daily chart, the asset is moving within a downward channel with dynamic boundaries of 119.00–105.00.
On the four-hour chart, the quotes reached the channel resistance level of 118.00 and began to form a reversal: if the asset overcomes the local low, it may return to the year’s low of 105.00. An upward exit from the range is likely if 118.00 is broken.
Technical indicators maintain a stable sell signal: fast EMA of the Alligator indicator are below the signal line, expanding the range of fluctuations, and the AO histogram forms corrective bars in the sales zone.
Trading tips
Short positions may be opened after the price declines and consolidates below 113.60 with the target at 105.60. Stop loss – 116.00. Implementation period: 7 days or more.
Long positions may be opened after the price rises and consolidates above 118.20 with the target at 130.00 and stop loss 115.00.
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