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Steinhoff: A Cautious Recovery

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After the price of the Steinhoff share had been constantly dropping since mid-July and dropped from 0.093 to 0.073 euros by July 25, buyers were able to initiate a slight recovery in the last few days. The counter-movement is still more technical and far too inadequate to assume that a trend reversal that will last for more than a few days has been initiated.

The overriding medium-term downward trend continues. As long as it is completely intact, the bears determine the picture. Therefore, a slide to new lows below 0.073 euros can be expected at any time. Possible targets are the round and semicircular marks of 0.070 and 0.065 Euro respectively.

However, it should be noted that the June 25 low of 0.073 Euro is the last resilient support on the chart. It should, therefore, be defended by the buyers at all costs. The best defense, however, would undoubtedly be to attack the 50-day line. It currently runs at 0.085 Euro and is therefore still a long way away.

To reach the moving average at all, the buyers would first have to overcome the resistance at 0.080 Euro. That alone should be difficult in the current situation. Overcoming it sustainably remains the first obligation for the bulls.


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