The technical analyst breaks down the charts in European carmakers.
European automotive stocks have been hit hard since over the past eight months, with the STOXX Europe 600 Automobiles & Components Index down roughly 29% since peaking in April. Many of the major automakers in Europe, like Mercedes, BMW, Volkswagen, and Stellantis, are deeply oversold and have support nearby on their charts. This provides a compelling risk/reward opportunity in the space.
can quickly rebound and clear initial resistance from its 10-week moving average, near €12.35. In contrast to STALM IM, the more popular Ferrari NV has a long-term uptrend in place, strongly outperforming the STOXX Europe 600 Automobiles & Components Index. However, its uptrend is due for a prolonged consolidation phase per the DeMARK Indicators and the monthly stochastics, which are turning lower from overbought territory.
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