Looking at the technical picture of the Fraport AG (ETR: FRA) stock on our daily chart, we can see that from around the beginning of March, the share price is trading in a range, roughly between the 45.50 and 55.12 levels. Before entering the range, the prevailing trend was to the downside. The price is currently closer to the lower bound of that range, meaning that there is a good chance to see a breakout lower. That said, as long as the stock continues to stay inside that range, we will keep a neutral approach.
A drop below the lower side of the aforementioned range, at 45.50, would confirm a forthcoming lower low, potentially opening the door for a move towards the 41.50 zone, marked by the lowest point of January 2021. FRA could get a hold-up around there, or even rebound slightly. That said, if the share price remains below the lower side of the previously mentioned range, another decline might be possible. The stock may slide again and if this time it is able to overcome the 41.50 obstacle, the next target might be at 36.60, which is the highest point of October 2020.
The RSI is pointing lower, while running slightly below the signal line. The MACD is flat but continues to sit below zero and the signal line. Overall, the two oscillators show negative price momentum, supporting the idea discussed above.
Alternatively, a push through the upper side of the previously mentioned range, at 55.12, may attract more buyers into the game. FRA could then travel to the 58.60 obstacle, a break of which might set the stage for a test of the 63.00 level. That level marks the high of February 25th.
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