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$HEN3: Bearish Sequence in Henkel Provides an Opportunity

April 6, 2022 By

Henkel AG & Co. KGaA is a German chemical and consumer goods manufacturer known for such brands like Persil, Fa, Pritt, Dial, Purex and Loctite. Founded 1876 and headquartered in Düsseldorf, Germany, the company has three globally operating business units: Laundry & Home Care, Beauty Care, Adhesive Technologies. Investors can trade it under the tickers $HEN and $HEN3 at XETRA. The company is a part of DAX40 index.

Henkel Monthly Elliott Wave Analysis 04.06.2022

The monthly chart below shows the Henkel stock $HEN3 traded at XETRA. From all-time lows, the stock price has developed an Elliott wave impulse with an extension pattern. The cycle up in black wave ((I)) has ended by printing the all-time highs on June 2017 at 129.90. Within the grand super cycle in wave ((I)), the blue waves (I), (III) and (V) of super cycle degree are motive waves. Moreover, wave (III) shows an extension beyond 2.0 multiples of the length of the wave (I).

From the June 2017 highs, a correction in wave ((II)) is unfolding as a double three pattern, i.e., a 7 swings structure. First, blue wave (w) has ended in March 2020 at 62.24 lows. From there, 3 waves up have set a connector wave (x) in April 2021. Then, from the 99.50 highs, $HEN3 has broken below the March 2020 lows opening a bearish sequence. Now, while price holds below 99.50 highs, Henkel can extend lower within blue wave (y) of black wave ((II)) into 32.01-16.05 area. Alternatively, it can truncate at 57.85-46.48 area. Once ended, expect a new cycle in black wave ((III)) to start.

Investors and traders can buy Henkel from 32.01-16.05 area targeting 129.90 highs and even beyond. Additionally, long-term investors can start accumulation of the position from 57.85-46.48 area as truncation can happen.

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