A breakout towards the upside is clearer now. Next resistance at €734.45

Taking a look at LVMH as it seems that a breakout towards the upside is clearer now. The price broke and closed above the descending trendline resistance of €691.40 on the 1^st of November, this resistance then transitioned to support as the price had a small pullback towards it before rising higher. Currently, LVMH’s shares are trading at around €729.70 a share. We can see that resistance of €726.65 has also been taken out with the next resistance now at €734.45. A move and close above €734.45 may then lead to an extension towards €772.35 (yellow dotted trendline). Support now sits at €710.55 then at €699.95 and then at €693.45. A move back below €693.45 would not necessarily suggest that a new bearish trend has formed as the price would first need to fall below €676.20. Looking at the technical indicators, they enhance the bullish bias as the MACD has turned positive and the RSI reads 61.