ThyssenKrupp’s W1 chart shows a historical breakdown in 2020 when the stock fell from 11.50 EUR to 3.22 EUR within a month. This marked a significant crash for the company’s shares. Since then, the stock has been testing the breakout level from below, leading to short sellers taking advantage of the opportunity to bet on falling prices. Many buyers likely sold off at the last pullback to 11.50 EUR. The 11.50 EUR level holds immense significance, along with the crash low of 3.22 EUR from 2020. It is expected that this low will attract high attention in the future.
One must consider the reactions of the price itself to determine if a price range serves as a support or resistance level. It is crucial to confirm these levels with price action signals before making any trading decisions. Managing trades is essential, with the stop-loss being adjusted to the entry level to limit risks. Profit should be taken at various levels to secure gains. The presented situation fits a particular trend type: uptrend, downtrend, or sideways trend. It is advisable to focus on trading in the direction of the prevailing trend while considering support and resistance zones as areas of interest.
Pepperstone offers a multi-platform brokerage service for all trading styles, with customized account types at fair conditions. They provide round-the-clock trading on selected US stocks and offer GER40 at a spread starting from 0.9 points. Their platforms are user-friendly, and they offer customer support in German via phone, email, or live chat. Pepperstone’s new webinar series focuses on cryptocurrencies, exploring the trading possibilities with CFDs on 30 different cryptos and indices. Understanding the unique features of trading cryptocurrencies in different denominations can be beneficial for your investment strategies.
In conclusion, trading requires responsible decision-making, and it is important to prioritize risk management and trend confirmation through price action signals. Pepperstone stands out as a reliable broker offering a range of trading options with competitive spreads and excellent customer support. With the growing interest in cryptocurrencies, exploring diverse trading opportunities can enhance your investment portfolio. Remember to trade responsibly and seek professional advice if needed to navigate the complexities of the financial markets successfully.
