SAP has been trading between support at €173.24 and resistance at €202.50 for some time now. Our primary view is that the stock is in a corrective rally, with the high expected between these two levels. The stock should then turn downward again, falling below the €173.24 support. Alternatively, the distinct low from July 2026 could already be a more significant interim bottom, and SAP could immediately rally above the resistance levels at €202.50 and €283.50 (probability: 38%).
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