After Bayer's stock recently tried to break through the support level of âŽ39.91, it has now made another attempt. Whether the stock succeeds in sustainably breaking below this support level - as envisaged in our primary scenario - or whether it needs further impetus in the form of a corrective upward move is irrelevant for the further course of our expectations. We therefore fully expect a sell-off below this level, as we expect the low of the major wave (II) correction underway since 2015 to be around the 78.60 retracement at âŽ30.84. Only once this low is in place do we see Bayer shares making sustainable gains again.
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