Stock of the day: Safran

Stock of the day: Safran
In today's analysis, we are taking a look at Safran, a French company in the space, defense, and aviation sectors. Like many other markets and instruments, Safran has been affected by the recent havoc caused by the SVB. Currently, the sentiment for Safran is negative, but the technical situation is worth noting.
Safran is trading in a very interesting and technical manner. It has been in a proper uptrend with very flat corrections since October, with each correction forming a rectangle pattern (yellow). Safran's ascent is akin to walking up a staircase, creating horizontal supports and resistances, which is not common.

However, today the price is dropping sharply, breaking the pattern of the rectangles being ended by breakouts to the upside. The price has broken the 133 EUR support (orange) and is now testing the support at 129.3 EUR (upper green). This could be a potential place for a bounce, but if the entire market continues to go down, this support level may also be broken.

Furthermore, in addition to the horizontal support, the price has also broken the dynamic support, represented by the mid-term uptrend line connecting higher lows since September (black). A daily close below 129.3 EUR would be a legitimate signal to sell, but as long as the price remains above this level, there is still hope for buyers.
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