Has the Lufthansa share bottomed out with the latest bear trap? The “trap” consists of the two most recent lows at EUR 6.848 / EUR 6.878 and the massive support zone, which extends at EUR 7.02 / 7.22 and thus at the Corona crash low. After the two false falls on September 25 and October 2 to the two lows mentioned at EUR 6.848 / EUR 6.878, the Lufthansa share price recovered more significantly, especially yesterday and today. In Wednesday trading, the MDAX peaked at 7.806 euros, so the paper is currently trading just below this daily and recovery high.
A look at the Lufthansa share chart also shows the first interesting pro-cyclical bullish signals for the airline stock. Smaller obstacles between 7.47 euros and 7.69 euros are overcome, which creates positive impulses for the share price. Other small hurdles can be seen between 7.87 / 7.90 euros and the 8 euros mark; if these can also be overcome, the recovery trend could accelerate further. Meanwhile, the zone between EUR 6.848 / EUR 6.878 and EUR 7.02 / 7.22 remains a strong and important support level for Lufthansa’s share price, should it tip down again.