Schneider Electric eyes bid for OSIsoft

Schneider Electric, the energy and automation digital solutions provider, is considering making an offer for software developer OSIsoft.

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Schneider Electric, the energy and automation digital solutions provider, is considering making an offer for software developer OSIsoft, which could be valued at 4 billion dollars, reported Bloomberg citing people familiar with the matter. Meanwhile, the company was downgraded to "hold" from "buy" at Deutsche Bank.

From a chartist’s point of view, the stock price remains within a bullish channel in place since March low. The 20-day and 50-day simple moving averages remain in support. However, the stock price faces a challenging resistance near 98.6E. A short term consolidation range could take place between 87E and 98.6E. Only a break below 87E would invalidate the bullish trend and would open the way to a drop towards 75E. Alternatively, a push above 98.6E would call for a quick rise towards February’s high at 105.5E.

Source: GAIN Capital, TradingView

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