Schneider Electric eyes bid for OSIsoft

Market trader analysing data
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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