Allianz SE to correct 40% in 2024?

On the above 12 day chart price action has appreciated 70% since late 2022. The outlook for future growth maybe about to change as the flood waters threaten to submerge the performance of this Munich based institution.

Why the bearish outlook?

1) Price action and RSI support breakouts.

2) Volume is exiting the market following overbought conditions. See 2 week chart below and look left. The Money flow index now informs the outward flow.

3) The rising wedge and breakout confirms. A forecast to 155 is estimated.

Is it possible price action continues increasing? Sure.
Is it probable? No.

Ww


2-week MFI