Akzo Nobel posted strong Q2 earnings despite Covid19 pandemic

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Akzo Nobel, the specialty chemicals company, posted 2Q adjusted operating income slid 22% on year to 238 million euros on revenue of 1.99 billion euros, down 19%. The company said: "Market headwinds continued to ease during Q2, although revenue for June was nearly 5% lower than the same month in 2019."

From a chartist point of view, the stock price remains within a short term bullish trend but is now approaching from the resistance threshold at 84.3E (gap) and the upper Bollinger band on a weekly chart. Investors have to remain cautious as these levels may trigger profit taking. Keep a close eye on the key support at 72.3E. Prices need to stand above this support level to maintain the bullish bias. A push above 86E would open a path to see the key long term horizontal resistance threshold at 94E.

Source: GAIN Capital, TradingView

Related tags: Equities Coronavirus

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