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Novartis: ⬇️ Sell
– Novartis reversed from resistance zone
– Likely to fall to support level 157.50
Novartis recently reversed down from the resistance zone between the resistance level 162.50 (which stopped wave B at the start of September), the upper daily Bollinger Band and the resistance trendline of the wide weekly down channel from the end of February.
The downward reversal from this resistance zone completed the impulse wave iii and started the short-term correction iv of the impulse wave 3 from the start of October.
Given the strength of the resistance level 162.50 and the overbought daily Stochastic, Novartis can be expected to fall further toward the next support level 157.50 – former resistance from the end of October, which stopped wave i.
Source: https://fxpro.news
