BMW : watch 57E

BMW, the automobile group, announced that 3Q net profit increased 17.4% on year to 1.82 billion euros.

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BMW, the automobile group, announced that 3Q net profit increased 17.4% on year to 1.82 billion euros while EBIT dropped 15.9% to 1.92 billion euros on revenue of 26.28 billion euros, down 1.4%. The Co confirmed its outlook for the year as it expects to benefit from robust car sales in China.

From a technical perspective, the stock price has entered into a consolidation phase within a downward-sloping channel. The daily RSI (14) has landed on a support around 30% and is reversing up. Prices need to stand above 57E to maintain the medium term bullish bias. A push above 66.18E would open a path to see 71.3E. Caution: a break below 57E would trigger a bearish acceleration towards 51E and 41.6E. 

Source: GAIN Capital, TradingView

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