BMW stock recovers after the company (along with Volkswagen) was fined $1 billion for the pollution cartel. Take a look at our analysis of the major carmaker and in the second part of this technical outlook, we review the trading possibilities behind litecoin. Enjoy!
On the BMW.DE stock chart, we can see the development of an uptrend that moves inside a large green channel. There is also a possibility that we are at the beginning of the development of a new bearish trend, which will move within the descending yellow channel.
This assumption will be confirmed if the price continues to decline, which began in the first half of June. In the event of a break of the support level of 84.59, which is on the lower line of the green channel, the price may continue to fall in the direction of the lower yellow wall and the support level of 76.80.
Alternatively, it is assumed that the bears do not have enough strength, since they have recently tried to break through the lower green line, but without success. Thus, the market will be dominated by bulls. In the near future, the price is expected to rise to the resistance level of 95.01, which is on the upper yellow wall. If this price level is broken, the shares may continue to rise to the resistance level of 102.90, which is on the upper green line.
For the LTCUSD cryptocurrency pair, we see the development of a downtrend that moves inside the green channel. In the second half of June, the price reached the lower green line, then pushed off from it and began to gradually rise within a small ascending channel of yellow color.
Currently, the market is near the lower yellow wall. It is assumed that the price will push off from it and continue its growth in the direction of the resistance level of 169.25, which is on the upper yellow line. If this level is broken, market participants could expect a rise to the next resistance level of 193.38, which is on the upper green line.
However, if the support level of 128.63, located on the lower yellow wall, is broken, then in the near future the cryptocurrency pair will decline towards the lower green line and the support level of 89.91.