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BASF share: is the recovery rally continuing or are profit taking coming? – chart analysis

While the DAX has almost reached the record level from before the corona crash, some index stocks are lagging behind the recovery. Take the BASF share, for example, which has received a very important technical buy signal this week. Around the down gap from the corona crash at 49.26 / 51.49 euros were various strong chart technical obstacles, which the BASF share price could now remove. Yesterday, the DAX reached its previous recovery high after the crash at EUR 55.20 and was able to maintain the strong momentum that has built up since May 14. The XETRA trade was only one cent below the daily high, with further indications of 55.71 / 55.74 euros currently showing further gains.

While the long-term trend for the BASF share has not yet been shelved, the trend arrows are clearly pointing upwards in the short term. But the chemistry title faces further technical obstacles. The core zone is the area 55.27 / 55.50 euros, in addition to this there is currently the EMA 200 at 55.54 euros. BASF’s share price is currently slightly above these brands, which provides opportunities for further bullish momentum. The BASF share must also confirm this during the day. The fact that the share price is now noticeably above the – but clearly rising – upper Bollinger band could (!) Trigger initial profit taking in the short term and lead to a pullback. Overcoming technical hurdles in the chart are now support marks for the BASF share.

Important technical data on the BASF share:

Last share price: 92.62 euros (stock exchange: XETRA – Frankfurt)
Charting trends:
Long-term downward trend intact, but after the corona crash, the BASF share was recently able to generate a clear recovery and freshly important technical buy signals. The 200-day line was reached again.

Bollinger Bands 20 (below / above): 40.48 euros / 52.90 euros
EMA 20: 46.69 euros
EMA 50: 47.54 euros
EMA 200: 55.54 euros

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