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Buying Sanofi correction higher. for EURONEXT:SAN by Saxo

Sanofi – Intraday – We look to Buy a break of 83.71 (stop at 79.98)

We are trading at oversold extremes.

Bullish divergence can be seen on the daily (the chart makes a lower low while the oscillator makes a higher low), often a signal of exhausted bearish momentum, or at least a correction higher. 83.58 has been pivotal.

A break of 83.60 is needed to confirm follow through bullish momentum.

Although the bears are in control, the stalling negative momentum indicates a turnaround is possible.

Posted a Double Bottom formation.

Further upside is expected, however, due to the strong resistance above we prefer to buy a break of 83.70, which will confirm the bullish sentiment.

Our profit targets will be 92.69 and 95.69

Resistance: 83.00 / 87.50 / 90.00

Support: 80.00 / 77.00 / 75.00

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