$SAP #SAP ... all hands on deck! Support area is 89 -79 USD

Hi and welcome to my analysis on SAP (NYSE, USD).

Yes, we had some news from the software provider that attracted sellers. Trading in Germany on XETRA is closed and no prisoners were taken...

In my first chart you can see a broadening top in the stock. SAP was not able to activate this formation to the upside in September...the upper trendline produced heavy resistance and forced a minor reversal...

In combination with a bearish engulfing pattern as per end of September...

...and last week's break below the KAMA21 the stage was set for a downturn...

The lower megaphone supportline is at 89 USD...this is a target if the bears remain in control.

POC (2016 to date) is showing the point of control around 79 USD.

Would be nice if you support me with a thumbs up and follow me...

Best,
Tom Jansen
Chief Investor-Guard

© Copyright TA Investor-Guard 2020. Charts powered by TradingView. All rights reserved.
The information provided here is of a general nature and not legal, tax or investment advice.