Daimler remains within a bullish channel

Daimler, the automobile group, said its preliminary 3Q results were above market expectations.

Trader 1

Daimler, the automobile group, said its preliminary 3Q results were above market expectations, where EBIT totaled 3.07 billion euros (consensus: 1.95 billion euros) and adjusted EBIT amounted to 3.48 billion euros (consensus: 2.50 billion euros). The company added: "Daimler also expects a positive impact for the remainder of the year, however with the fourth quarter 2020 to show the usual year-end seasonality pattern."

From a chartist point of view, the stock price remains within a bullish channel in place since March 2020 bottom and is supported by the rising 20/50DMAS. A counterattack line pattern has formed and has allowed for a continuation of the rise. Readers may want to consider the potential for opening Long positions above the new support at 45.9E. A break above the resistance at 49.5E would open a path to see 54.5E. Alternatively, a break below 45.9E would call for a reversal down trend with 41.4E as first target.

Source: GAIN Capital, TradingView

Build your confidence risk free

More from Equities

Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.