Wirecard Stock Price: Recovery stalled ahead of €10.00

German fintech Wirecard extended the rebound to the €10.00 area.
WDI trims gains and recedes to the €5.00 region on Tuesday.

Pablo Piovano FXStreet

After bottoming out in the vicinity of the €1.00 level at the end of last week, shares of Munich-based Wirecard (WDI) have prolonged the bounce to the proximity of the psychological €10.00 yardstick earlier on Tuesday, just to lose some impetus soon afterwards.

Sellers appear to be clustered around the €10.00 mark so far, something that seems quite logical if we consider that prices increased nearly 10-fold in just a couple of sessions.

Following the fraud scandal involving around €2 billion, share prices of Wirecard literally melted since mid-June from the €105.00 neighbourhood to levels just above the €1.00 area.

The ongoing rebound could be exclusively due to technical drivers (extremely oversold conditions), although the apparent faster-than-expected return to normality in many economies could be also lending some extra support, hoping for a potential solution for the payments-company.

Latest news around Wirecard cited the company is also facing further investigations in Singapore by the MAS and the police regarding the company’s activities in Asia.

It is worth recalling that Wirecard became the first-ever DAX company to file for insolvency and that the financial scandal expose loans of around €1,3 billion expiring on June 30 and July 1^st. Former WDI CEO Marcus Braun was released from jail on bail last week, while authorities from the Deutsche Bank said Marcus Braun will be removed from the lender’s advisory panel.

WDI Stock Quote

At the moment WDI is gaining 73.50% at €5.66 and a break above €19.80 (weekly high Jun.24) would expose €84.31 (55-day SMA) and then €104.50 (monthly high Jun.17). On the other hand, the immediate support is located at the all-time low at €1.76 (June 26).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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