ThyssenKrupp stock: Will the big breakout succeed?

The shares of ThyssenKrupp made a strong jump yesterday – based on the closing price, the price rose more than 7 percent to 5,8 8 euros. However, shares of the MDAX-listed company did not receive a decisive technical buy signal. Smaller hurdles at 5,61 /5,696 euros were clearly surmountable. However, the resistance zone above 6 euros proved to be much too high for ThyssenKrupp’s share price yesterday. Just below this zone, the highest rate of the day was 5.99 euros. A look at the ThyssenKrupp (WKN: 750000, ISIN: DE0007500001, chart) stock chart shows a multi-part resistance area above the €6 mark. Marks are currently focused on 6.00/6.03 euros. A little above that, at 6.1 /6.16 euros and especially at 6. 6 euros, there is stronger technical resistance for the title of steel and technology. The latest hurdle is due to a major recovery peak on September 12. The 200 day moving average is slightly down, see below. From a chart perspective, a break out of this broad and strong resistance area would be an important buy signal for ThyssenKrupp stock. A breakout would also be a potential major trend reversal signal that could leave the long-term downtrend in ThyssenKrupp shares. However, the share price should face the following technical barriers at EUR 6.67/6.71. Danger looms if ThyssenKrupp shares still fail to generate buy signals. The first supports can then be found at 5,61 /5,696 euros and above 5, 3 euros, which also has yesterday’s low of 5, 66 euros. Sell ​​signals for these brands may finally break the uptrend of the last few weeks.

Michael Cooper

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