Daimler continuation of the short term rebound

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By :  ,  Financial Analyst

Daimler - continuation of the short term rebound

Daimler, the automobile group, will invest in Chinese electric vehicle battery producer Farasis Energy's 480 million dollars IPO, reported Reuters citing people familiar with the matter.
In addition, the company said that Philipp Schiemer has been appointed chief executive of Mercedes-Benz's subsidiary AMG. He would succeed Tobias Moers, leaving to become CEO of Aston Martin.

From a chartist’s point of view, the stock price escaped from a consolidation channel and rebounded from its rising 20DMA currently at 30.7E. The bullish gap opened this morning could help the price to break above the resistance threshold at 33.45E.

Readers may want to consider opening Long positions above support at 30E. Bullish signal confirmed if 33.45 is broken (buy stop). Next bullish target is set at 37.6E (50% Fibonacci retracement level).

Alternatively, a break below 30E would invalidate the bullish view and would call for a reversal down trend with 26.3E as first alternative target.

Source: GAIN Capital, TradingView

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