BMW : watch 57E

BMW, the automobile group, announced that 3Q net profit increased 17.4% on year to 1.82 billion euros.

Trader 3

BMW, the automobile group, announced that 3Q net profit increased 17.4% on year to 1.82 billion euros while EBIT dropped 15.9% to 1.92 billion euros on revenue of 26.28 billion euros, down 1.4%. The Co confirmed its outlook for the year as it expects to benefit from robust car sales in China.

From a technical perspective, the stock price has entered into a consolidation phase within a downward-sloping channel. The daily RSI (14) has landed on a support around 30% and is reversing up. Prices need to stand above 57E to maintain the medium term bullish bias. A push above 66.18E would open a path to see 71.3E. Caution: a break below 57E would trigger a bearish acceleration towards 51E and 41.6E. 

Source: GAIN Capital, TradingView

More from Equities

From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.