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Bayer AG’s stock is currently trading at 62.03-higher by 7.94% as compared to the previous closing. The stock has been continuously closing in the red since the last three trading sessions.
In recent news, the German chemical company disclosed earlier today that it had made progress seeking a settlement over claims that its glyphosate-based Roundup weedkiller causes cancer. In the last month, the drugs and pesticides group’s management regained stockholder support for its handling of the litigation process.
The German chemical company said in the last month it has been served with cases in court from 52,500 US plaintiffs who blame Roundup and other glyphosate-based weed killers for their cancers. The drugs and pesticides group said earlier this year that the market expectation of a settlement was for around $10 billion and the company would not have to write down the value of the Monsanto acquisition in case of such a deal. Stocks of Bayer have fallen about 15% year to date.
On the technical front, the RSI is currently at 59.49% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at 56% and suggests that the market can move in the upward direction.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT BUY AT 62.00 TAKE PROFIT AT 62.40 STOP LOSS AT 61.80