BMW drops due to dividend

Source: Dukascopy Bank SA


On May 11, the price of BMW was testing the resistance of the March and May high levels at 82.70/83.60. On May 12, the stock price started the day's trading at the mid-March and April low level zone at 75.35/75.90. The reason for the drop was the dividend payout done by the company. Namely, investors received their dividend payout and dumped the stock.

In regards to the near term future, the situation depends on the holding or not of the support zone at 75.35/75.90. A move below the support zone, the pair could approach the 70.00 mark and look for support in it, before reaching the 2022 low level at 67.85.

On the other hand, a recovery of the company's stock price might encounter resistance in the 50-day simple moving average near 77.45, before approaching the high level zone at 82.70/83.60. Higher above, note the 85.00 level and the 200-day simple moving average.
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