Looking at the technical picture of the Beiersdorf AG stock (ETR: BEI) on our daily chart, we can see that, this week, the share price ran into some strong resistance near the 97.06 hurdle. We may see a slight correction lower in the near term, however, the stock is still trading above a short-term tentative upside support line taken from the low of March 8th, which could provide support and keep the buyers in the arena for a while.
A small decline may bring the share price back down a bit, where it could test the aforementioned upside line. If that line stays intact, we might see the buyers taking advantage of the lower price and push BEI up again. If so, the stock could rise to the current high of this week, at 97.06, a break of which would confirm a forthcoming higher high, possibly opening the door towards the 98.86 zone, marked by the highest point of October 2021. If the buying doesn’t stop there, the next potential target might be at 100.10, or even at 102.66, which is the high of September 23rd, 2021.
The RSI is above 50 and points higher. The MACD also continues to look north, while running above zero and the trigger line. The two indicators show positive price momentum, which overall supports the idea mentioned above.
On the downside, a break of the previously discussed upside line and a drop below the 90.96 hurdle, marked by the high of March 21st, may temporarily spook some buyers from the game. BEI could fall to the 87.62 obstacle, or to the 84.84 zone, marked by the low of March 22nd. That said, if the slide continues, the next potential target might be at 82.14, which is the low of March 11th.
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