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Technical Update - Adyen jumping higher but can it stay up?
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: Adyen jumping 30% at open but is sliding back. Can it stay up and built momentum, or will it slide back?
Adyen found support at the 2019 lows around 600 following massive sell-off in August.
A jump this morning after a delayed opening saw the share price jumping approx. 30% back to February 2020 levels right before the share took off in a massive bull run – see weekly chart.
If closing above 893.40 there could be upside potential to the 0.382 retracement at around 1,021
Short-term Adyen opened this morning a few cents above the opening price at the second day (18th August) of selling after the initial sell-off 17th Aug. at 936. If closing back below 893.20 the selling pressure could accelerate where Bears will try to close the opening gap from 708.80. They are not likely to succeed but if Adyen is closing below 893.20 strong support around 806 could be tested.
RSI is key. If closing above 60 threshold which is currently well above it is indicating likely higher levels for Adyen.
A daily close above 936 is likely to give energy to a move to 1,021.
If share price is sliding lower forcing RSI to close below 60 threshold it would be a sign of weakness with the above mentioned bearish scenario likely to play out; a test of 806
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