Sanofi - Reversal in negative trend
Sanofi was correcting from 11/08 from 9275 and it went down to the level of 7435 on 20/12. Since then, it is consolidating in a healthy way. It now seems to be a reversal candidate and uptrend may start soon and strongly.
Chart Pattern:
1. Double Bottom
- It created double bottom with second bottom above the initial
- It created double bottom with positive RSI divergence
2. W Pattern:
If it rounds upside successfully from here, W pattern seems to be in formation
- As per this pattern first target would be top of the trough, i.e., 7930 and then 8350 to the top of W
Retracement:
According to Down side retracement, first target can be 8138 (38.2%), then on 8355(50%) and final strong 3rd resistance would be at 8572(61.8%)
SL: 7400
Chart Pattern:
1. Double Bottom
- It created double bottom with second bottom above the initial
- It created double bottom with positive RSI divergence
2. W Pattern:
If it rounds upside successfully from here, W pattern seems to be in formation
- As per this pattern first target would be top of the trough, i.e., 7930 and then 8350 to the top of W
Retracement:
According to Down side retracement, first target can be 8138 (38.2%), then on 8355(50%) and final strong 3rd resistance would be at 8572(61.8%)
SL: 7400
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