Moody’s downgrades Daimler – the bias remains bullish above 31.7E

Daimler's, the vehicle manufacturer, "A3" credit rating outlook was revised to "Negative" from "Ratings Under Review" at Moody's.

Stocks (3)

Daimler's, the vehicle manufacturer, "A3" credit rating outlook was revised to "Negative" from "Ratings Under Review" at Moody's. 

The rating agency stated: "The negative outlook reflects the potentially severe impact that the coronavirus could have on Daimler's operating performance and credit metrics over the next twelve to eighteen months while implementing its restructuring plan and attempting to restore its competitive position in the face of the coronavirus pandemic."

From a technical perspective, 33.45E was the trigger point for acceleration towards 37.6E. 
To follow up on our previous article, bulls could consider raising stop losses to 31.7E. The trend remains bullish, as prices rebounded from the new support at 33.45E (polarity principle). Next resistance thresholds are set at 38.8E and 42E. Alternatively, a break below 31.7E would call for a decline towards 26.3E.

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.