Technical Analyst, Saxo Bank Group
Summary: Vestas Wind has broken above resistance level building short-term uptrend. Medium-term key resistance at 174.50 likely to be tested
Vestas Wind jumped higher from the opening on after earnings. Back above resistance at around 161.60 and above the 100 daily Moving Average. Vestas seems set for a move to the 200 daily Moving Average around 180.
RSI is above 60 threshold indicating higher levels are likely
However, strong resistance at around 174.50 – see both daily and weekly chart.
If rejected at 174.50 i.e., not closing above 174.50, Vestas could slide back to test support at around 161.60
If closing above 174.50 medium-term there could be further upside potential to strong resistance at around 193.50. Roughly where the 200 weekly Moving Average is.
A close above Vestas will test the very strong resistance at around 215.45
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