Bayer stock lacks signs of strength – will the bear market continue? – Chart analysis

After falling to EUR 43.18 on Thursday, can Bayer shares finally break free from the downward movement? It doesn’t look like it yet. The share price has stabilized just above the older technical chart support zone around 42.57 / 42.81 euros. But the way up has not yet been opened in terms of chart technology. Yesterday, Bayer’s share price closed at 44.330 euros and a minus of 1.07 percent for the day. Previously, despite a temporary increase to 45.165 euros, the DAX value had not succeeded in reestablishing itself stable above the corona crash low from March this year at 44.855 euros.

Quite a disappointment, which in the short term is not a sign of strength for Bayer’s share price. In terms of chart technology, hopes rest on the supports between 42.57 / 42.81 euros and 43.18 euros. If Bayer’s share price can continue to defend this, the pressure on the obstacle zone should also increase by 44.855 / 45.165 euros. A jump above this mark could then cause the first fantasy of a trend reversal after Bayer shares have lost more than 30 percent since June 23.

It would then need the fastest possible rise over obstacles at EUR 47.07 / EUR 47.17 and EUR 48.52 – the lower end of a gap that was torn open on October 1 and its upper end at EUR 52.85 is. A strong technical resistance zone extends between EUR 51.20 and the upper end of the gap. A leap in Bayer stock over this and confirming further obstacles between 54.65 euros and a zone around 55.90 euros would then be a confirmation of the emerging trend reversal fantasy. On the other hand, if Bayer slips back below the support zones mentioned, the course disaster will continue.

Current indications for Bayer shares are trading around the EUR 44 mark on Tuesday morning, and are therefore under slight pressure against the backdrop of developments on the US stock exchange from the previous day.

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