LVMH - further drop incoming?
Luxury brands have been all dropped off hard. Burberry fell off a cliff, Estée Lauder has been in a free fall. Chinese customers not spending as much. Alcohol sales also slowing which contributed to LVMH posted disappointing earnings.
So why hasn’t it dropped so much? We are being held up by a strong weekly level of support and the golden Fibonacci ration, this is the last line of support before we break the neckline and head down further, confirming the double top M pattern.
Targets to the downside? Possible gap fill below, I doubt it reaches that low. But if it does, not a bad place to enter for a long term investment.
Not financial advice. Do what’s best for you
So why hasn’t it dropped so much? We are being held up by a strong weekly level of support and the golden Fibonacci ration, this is the last line of support before we break the neckline and head down further, confirming the double top M pattern.
Targets to the downside? Possible gap fill below, I doubt it reaches that low. But if it does, not a bad place to enter for a long term investment.
Not financial advice. Do what’s best for you
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