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Over a long period of sessions, the stock market has been subjected to a selling force, given that Burberry Group (LSE:BRBY) currently runs a consolidation style.
The smaller moving average is heading southward; however, there are waves that are gradually drifting downhill. As it stands, bears have managed to drive the market into a depression by forcing the price to trade at 723.80 lines or below. Bulls would then be in a position to begin rebuilding if the market were merely to move further south to test an underlying support level of about 600.
Resistance Levels: 900, 1000, 1,100
Support Levels: 600, 500, 400
Given that the BRBY Group Plc stock is presently trading at 723.80, what are the key trading points at this time?
Technically, the trade chart now reveals that the market lines between 800 and 600 are the main critical trade zones in the stock market, given that the Burberry Group Plc shares are under a selling force, running a consolidation style.
The downward positioning placements of the moving averages indicate that the 50-day EMA is at the top of the 15-day EMA to ascertain the path shape that the price has been maintaining over time. It is clear from the stochastic oscillators’ noticeable consolidation in the oversold area that buyers are still looking to restore positions.
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