Daimler Ag - A top performer in the Automobile Sector

by Tim Straiton
Monday 22nd March 2021

The current price is Eur 73.78, and trading 28% above the rising 40 week moving average of 51.44. Daimler has been one of the top performers on the German stock market over the past 12 months.

The 14 week relative strength index stands at 74% which puts this stock in an overbought state and one could expect to see short-term resistance around the 76.50 level, which marks the Fibonacci 76.4% retracement level from the low of 22.67 made in March 2020 based on the entire 93.10 - 22.67 range. The break above rising channel resistance at EUR 60 which took place at the beginning of February 2021 reflects the strong bullish sentiment in this company and a retest of the previous high of 93.10 could well become reality.


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