Is the Adyen share facing a top technical chart formation? In the past few days, the price rally has stopped at the new all-time high of 1,616 euros, and for four days the daily highs for the payment service provider’s share price have been in the zone between 1,590.50 euros and 1,611 / 1,616 euros. A first downward swing ended on Thursday at 1,506.50 euros – a pullback to the resistance zone that was recently exceeded below the previous all-time high at 1,512 euros. At Euronext Amsterdam, Adyen shares went into the weekend at 1,595.50 euros.
A short-term top formation would only be completed if Adyen’s share price fell below the strong technical chart support between 1,495 / 1,512 euros. Follow-up sales signals to brands between 1,467 / 1,472 euros and 1,438 / 1,459 euros could then increase profit-taking. Don’t forget: Since the Corona crash low in mid-April at 664.50 euros, the Adyen share has more than doubled in value at its peak, a major consolidation was between August 7 and September 8 with a downward movement of 1,512 euros to see at 1,276.50 euros.
At JP Morgan, however, confirms the previous ratings for the Adyen share and continues to see the price target at 1,590 euros. There is an “overweight” for the payment share, although the target price is just below the weekly closing price. The experts suspect that some investors lack confidence in the medium to long-term growth opportunities of the Dutch company. Here the company has to underpin the expectations with numbers. Technologically, Adyen convinced the stockbrokers.
Important technical data on the Adyen share:
Last share price: 1,595.50 euros (exchange: Euronex Amsterdam)
Bollinger Bands 20 (bottom / top): 1,247.30 euros / 1,619.80 euros
EMA 20: 1,433.60 euros
EMA 50: 1,413.00 euros
EMA 200: 1,132.70 euros
At a glance – chart and news: Adyen