After a strong first half of the year, the stock turned sharply south again in the second half. In the process, it fell back below the old breakout level at around USD 67. Accordingly, our main scenario is currently neutral. We expect a sideways phase between USD 60 and USD 67.
If the stock falls below the old trend line at the current 60.50 USD, further losses to the 57 USD area and later to 50 USD are expected. Only a breakout above 67 USD will rekindle the potential for a new rally.
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