Technical Analyst, Saxo Bank Group
Seems like another profit warning from Philips where not that surprising to the market. Well, the share price dropped on the opening this morning but is now back above yesterdays close.
The share price touched the lower trendline in the falling channel Philips has been trading in since New Year and bounced.
The down trend has been so strong that Philips has not even tested the upper trendline since April trading in a tighter falling channel.
If Philips closes today at current price or higher RSI is showing divergence on daily chart indicating exhaustion of the down trend.
However, with no divergence on weekly and monthly there could still be a bit more downside to long term support at around €12. Philips share price is back to 2011-2012 level. A bounce could be expected from there but to reverse the down trend short-term a close above €16.55 is needed. But to reverse the medium-term down trend a close above €18.61 is a must.
If Philips closes below €12 the down trend is likely to be extended with no support before around 10.85.
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