Evotec share: is the hurdle way too high? – Chart analysis

No chance for Evotec shares? Although the quarterly figures of the Hamburg biotech group, which were presented on Thursday (we reported), price gains for the TecDAX plant. But because of the increasingly stronger technical obstacle zone at 25.72 / 25.90 euros, the upward movement failed both on Thursday and Friday with daily highs at 25.90 euros and 25.78 euros – and longer “wicks” in the day candles in the Candlestick chart of the Evotec share. This points to sales pressure on this brand.

In terms of charts, the zone can even be drawn up to EUR 25.99 / EUR 26.16 and has been shaping the price trend since April 2019. The Evotec share was only able to overcome the resistance area twice: in July 2019 and February 2020, immediately before the corona crash. The upward movements ended there at 26.66 / 26.77 euros and 27.16 / 27.29 euros. In the event of a break, the two brands would probably also be the next price targets and technical resistance for the biotech share. There is not much potential that poses a risk for the title.

If it comes to a setback, a first stronger support area for Evotec’s share price would be found around 21.31 / 21.48 euros. Small supports above that can already be found at EUR 24.95 / 25.13, including the daily low from Friday trading at EUR 24.95, and in the zone at EUR 23.36 / 23.86.

All the important details about the Read Evotec’s quarterly figures here.


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