Daimler remains within a bullish channel
Nicolas Suiffet October 16, 2020 8:44 AM
Daimler, the automobile group, said its preliminary 3Q results were above market expectations.
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
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