Market News & Analysis
BMW remains within a bullish channel
Nicolas Suiffet May 6, 2020 5:35 PM
Meanwhile, the company reported that 1Q net income slipped 2.4% on year to 574 million euros, while EBIT jumped to 1.38 billion euros from 589 million euros in the prior-year period on revenue of 23.25 billion euros, up 3.5%.
From a technical perspective, the stock price has completed its pullback to the 50-day simple moving average and is posting a rebound. Prices remain within a short term bullish channel. Prices need to stand above 45,7E to maintain the bullish bias. The daily Relative Strength Index (RSI, 14) is holding above its horizontal support. Next resistance zone is set between 57,3E and 60,5E.
Caution: A break below 45,7E would call for a reversal down trend towards March 19th low at 36,3E.
Source: GAIN Capital, TradingView
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