The weekly chart for BMW indicates the recent surge in German car-making industry has positively impacted its stock price. European car sales jumped by 14% in February with BMW gaining almost 15% of the market share.
CHART PATTERN: MOMENTUM PATTERNS
- Price has broken above a previous support. Price has tended to bounce back upwards after hitting the 2 price levels (79.70) and (78.03). It is a significant sign that the market is more positive about BMW stock.
- Another confirmation of more positive sentiment towards the company is the crossover of the blue (signal) and green lines (MACD) which tend to indicate buying interest.
- RSI also has a positive trajectory and has not broken the 50 default level, indicating further room for price rises.
Banc De Binary analysts believe the upward/buying momentum will continue for the next few weeks.
