The technical picture of the Fraport AG stock (ETR: FRA) on our daily chart shows that after the stock has been seen coiling up from around mid-November of 2021, it finally managed to break above the short-term downside resistance line taken from the high of November 9th. In addition to that, the share price jumped above the highest point of January, at 65.30. For now, we will stay positive, at least with the near-term outlook.
A further push north could bring the stock closer to the 66.82 hurdle, marked by the inside swing low of November 10th. FRA might stall there for a bit or even correct slightly lower. However, if the share price continues to float somewhere above the 65.30 zone, that could keep the buyers interested in FRA for a while. Another push higher may eventually lead to a break of that 66.82 obstacle, where such a move might clear the way towards the next potential resistance level, at 69.82. That level marks the highest point of November.
The RSI and the MACD are both pointing higher. The MACD is above zero and the signal line, while the RSI remains above 50. The two indicators show positive price momentum, which support the above-discussed scenario.
Alternatively, if the stock breaks below the short-term tentative upside support line drawn from the low of November 26th, that could open the door to some lower areas, especially if the share price also moves below the 59.80 hurdle, marked by the current lowest point of February. FRA might drift to the 58.68 obstacle, a break of which may lead to a test of the 56.74 zone, which is the inside swing high of December 20th. If the slide continues, the next possible support area could be somewhere near the 54.46 level, marked by the lowest point of December.
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