SAP has the highest market cap in the DAX (315 billion €) and has had an impressive run since the 2022 lows. Price shot up from 80 to 280 in one steep channel.
Looking at the chart since the IPO, you can see a five wave structure that might have come to an end at the upper trendline of the channel.
The DAX has dropped by 700 points this week and if SAP starts correcting to a conservative 0.764 retracement of this move, we are looking at a drop to 236.
The MACD and RSI could certainly use a cooldown.
Looking at the chart since the IPO, you can see a five wave structure that might have come to an end at the upper trendline of the channel.
The DAX has dropped by 700 points this week and if SAP starts correcting to a conservative 0.764 retracement of this move, we are looking at a drop to 236.
The MACD and RSI could certainly use a cooldown.
Note
Two fib retracement levels lower. Note
0.764 retracement reached. Weekly MACD suggesting more downsideNote
changed the retracement bottom to the IPO price. Imho this was the top and at least a 0.618 retrace in 3 waves can be expected. Note
channel about to break ?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.