Daimler remains within a bullish channel

Daimler, the automobile group, said its preliminary 3Q results were above market expectations.

Trader 1

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.

Source: GAIN Capital, TradingView

More from Equities

From time to time, GAIN Capital Australia 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.