BASF share: new buy signals – rally could continue

BASF shares were able to rise yesterday in the stock market in an unexpectedly optimistic mood. The intraday gain of 2.86 percent to 8,905 euros may not seem particularly remarkable, especially in light of the rally in tech stocks. In fact, however, yesterday was all about important technical buy signals for shares of BASF (WKN: BASF11, ISIN: DE000BASF111, chart ). Two cartographic impulses are worth mentioning. On the other hand, the share price of the chemical group Ludwigshafen DAX managed to break out of the technical resistance zone on the broad chart below 7.23 euros. A look at the day’s low of € 7,135 shows that this was not a foregone conclusion on Thursday morning. On the other hand, BASF stock managed to cross the 200-day mark, which can be considered a pro-cyclical buy signal.

Ethan Andrews

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