50-day moving average providing support. The price remains above for now

Taking a look at LVMH as the luxury giant has been giving back some gains from the beginning of the year. Currently, its stock is trading at around €782.95 a share. Based on the weekly chart, we can see that the stock has found some resistance at €886.30, falling approximately 12% since that point. It has now approached its 50-day moving average which is acting as the first line of support. We can see the price has dipped below it on a couple of occasions but has managed to remain above it, partly due to an inflow of buyers. If the price remains above its 50MA, then this could become a consolidation zone stimulating a continuation higher. There is also support along the 100MA which could be tested, currently reading €754.51. Although, this is not guaranteed. However, a break below both the 50MA and the 100MA may lead to a sell-off back towards the January lows €640- €650. The resistance for the near-term reads €793.15 then €805.80 and then €810.85. A break above €810.85 may lead to an extension towards €820-€830. The technical indicators are a little mixed, the MACD has turned negative but the RSI is neutral as it almost reads 50.