Bayer AG at key supportBayer AG
Short Term
We look to Buy at 56.39 (stop at 54.46)
Trading within a Bullish Channel formation. The medium term bias is for higher levels but intraday signals are mixed. Previous support located at 56.00. Bullish divergence can be seen on the daily (the chart makes a lower low while the oscillator makes a higher low), often a signal of exhausted bearish momentum, or at least a correction higher. Further upside is expected although we prefer to set longs at our bespoke support levels at 56.00, resulting in improved risk/reward.
Our profit targets will be 61.39 and 65.99
Resistance: 66.00 / 70.00 / 110.00
Support: 56.00 / 50.00 / 43.00
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