In terms of chart patterns, there is little hope for the bulls at the moment. The stock has been forming falling highs since May. Each attempt at a rally is abandoned more quickly than its predecessor. A bearish wedge is forming.
Our main scenario is a break on the downside due to the overall weakness of the stock. We also expect a direct drop through the horizontal support at €30 with a target of €28.50 in the further course.
A bullish alternative scenario can only be developed above €33.50. This area, with its falling wedge boundary and EMA 200, must inevitably be reclaimed in order to develop medium-term potential.
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