The German carmaker has formally announced that its new investment, a plant worth $2.24 billion started manufacturing electric vehicles on Thursday. Let’s see what TA says in the context of this news.
SimpleFX BMW.DE Chart Analysis: June 23, 2022
Here we can see that since the beginning of March, the price, having pushed off from the lower green line, began to gradually creep up. This section of the chart describes a small ascending channel of yellow color.
Now the price is near the upper green wall, but near the lower line of the yellow channel. Perhaps soon the bears will bring the price to the support level of 76.59, located on it. If this level is broken, BMW.DE stock prices may collapse to the support level of 56.38, which is located on the lower green line.
Alternatively, the price may start to rise from the current level, or from the support level of 76.59, that is, if the bears give up their positions. A bullish trend can form inside the yellow channel in the direction of its upper wall and the resistance level of 92.64. However, first of all, the bulls must break through the upper green line and the resistance level of 85.54. When this price mark is broken, the bulls will open the way to the upper yellow wall.
If the bullish movement is confirmed, the opening of long positions can be considered. When confirming a bearish trend, it is recommended to open short positions.