The settlements still need approval from the company’s supervisory board, in June.
Chris Loder, a U.S.-based spokesman for Bayer said “As we have said previously, the company will consider a resolution if it is financially reasonable and provides a process to resolve potential future litigation.”
From a technical perspective, the stock price has landed on a support at 55.3E (Lower Bollinger band + 50DMA) and is posting a rebound. The bullish gap opened above the 20DMA is a positive signal. However, the stock price remains stuck in trading range on a short term basis between 55.3E and 63E.
A breakout confirmation of 63E would confirm the bullish outlook with 68E as target.
Alternatively, a push below 55.3E would reinstate a bearish bias towards 50E.
Source: GAIN Capital, TradingView