AIR LIQUIDE : The area of EUR 89.4 for a technical rebound

02/22/2013 | 03:47am Opinion : Bullish above 89.4 EUR Target price : 94.3 EUR Stop loss: 88.6 EUR

EURONEXT PARIS Chemicals - Commodity

Air Liquide’s share price was heavily penalized and is now in an oversold situation near to a solid support area.

Technically, in daily data, even if moving averages are still in a downtrend, a positive reaction in the EUR 89.4 area should stop this trend and allow a technical rebound towards EUR 92.2. Moreover, technical indicators show a significant oversold condition which strengthens this bullish scenario.

Considering technical and fundamental elements, it seems to be an appropriate timing to take immediately a long position in Air Liquide in order to benefit from the EUR 89.4 support area. The first target price will be the EUR 92.2 resistance. A stop loss order will be placed under the mid-term support currently tested. Only a crossing of EUR 92.2 would validate a bullish trend in order to aim a higher target price around 94.3 EUR.

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