E.ON confirms 2020 outlook

E.ON, the energy group, posted 3Q adjusted net income declined 52.4% on year to 139 million euros.

Trader 1

E.ON, the energy group, posted 3Q adjusted net income declined 52.4% on year to 139 million euros while adjusted EBIT grew 2.4% to 503 million euros. The company confirmed its full-year adjusted EBIT guidance of 3.6 - 3.8 billion euros and adjusted net income forecast of 1.5 - 1.7 billion euros.

From a chartist’s point of view, the stock price remains stuck in a symmetrical triangle pattern. The 50WMA started to flatten out, indicating a loss of momentum. Readers may want to consider the potential for opening Long positions above the support at 8.71. Only the upside breakout of the resistance threshold at 10.4 would validate a bullish signal. Target is set at 11.6. Alternatively, a break below 8.71 would open a path to see 7.6 (March low).

Source: GAIN Capital, TradingView

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