Daimler remains within a bullish channel

Market trader analysing data
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.

Chart analysis of Daimler with a bullish channel. Published in October 2020 by FOREX.com

Source: GAIN Capital, TradingView

Related tags: Equities Germany

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