Cancom share: Corona crash low as a target? There are still chances to prevent this … – Chart analysis

After the Cancom share recovered from the Corona crash low of EUR 31.20 in March to EUR 59.04 at the beginning of June, there was only a lot to lose on balance with the TecDAX-listed IT share in recent months – a lot Money mind you, because Cancom’s share price has now reached the regions not far above the Corona crash low. Yesterday the decline reached a new low of 33.62 euros, with 34.08 euros and a daily minus of more than 13 percent it went out of trading. Current indications on Thursday morning are 34.38 / 34.74 euros.

The recent losses these days, of course, also in the environment of the SAP profit warning and the number of new cases due to the exploding COVID-19 have been reinforced by various new technical sales signals. So yesterday the attempt to bottom out at the mark 38.82 / 39.22 euros was nullified, which together with the Cancom profit warning triggered a real wave of sales on Tuesday evening.

From a technical chart point of view, it is at least questionable whether Cancom’s share price slump is over. After all: The break below the support of 34.10 euros was countered, which alone does not make the situation stable. If the Cancom share cannot develop upward momentum in the current situation, new sell signals could quickly emerge. A possible target in such a bearish scenario would of course be the Corona crash low for Cancom’s share price. A jump above 37.26 / 37.70 euros, on the other hand, could trigger a pullback movement towards 38.82 / 39.22 euros.

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