So far, Grenke’s shares have not been able to break free from the crash caused by allegations of fraud and nepotism published by Fraser Perring’s Viceroy Research at Grenke. The Grenke share was quoted at just under 55 euros before Viceroy’s first publication, and despite various counter attempts by the Grenke Group, including one published yesterday Interviews by Wolfgang Grenke in the Handelsblatt the security is currently at 31.24 euros, still well below the previously recorded price level.
However, the crash low just below the 24 euro mark is now well away. In the last few days, the zone around 29.00 / 29.40 euros has also proven to be a technical support. A break below this would be a clear technical sell signal, in this scenario support would be expected at 23.92 / 25.90 euros.
Today Viceroy adds – a reaction to the Handelsblatt interview, comments on the Perring. The criticism continues to focus on Grenke’s foreign franchise system and in particular the lack of clarity as to which people were behind Sacome / CTP before Wolfgang Grenke became the owner of the companies at the beginning of this year. The pressing question: “Were there any conflicts of interest and nepotism?” has not yet been answered – here are the most important details on this subject.
Nevertheless, the Grenke share worked its way up over the course of the day, currently it is more than 3 percent. The previous day’s low can be found at 29.24 euros in the middle of the technical chart support zone at 29.00 / 29.40 euros. However, one should not overestimate the high price fluctuations, currently Grenke’s share price is extremely volatile. And despite the significant price increase in today’s trading, there was no major buy signal from the chart. Higher-level important obstacles in the chart of the Grenke share can only be found at around 39.20 / 40.50 euros, a first smaller hurdle could be around 32.30 / 32.50 euros.