- Payments-fintech Wirecard comes under pressure near €5.00.
- WDI bounces off daily lows in sub-€4.00 levels on Wednesday.
Wirecard AG (ETR: WDI) is extending the leg lower following Tuesday’s rejection from 2-day peaks in the boundaries of the critical €10.00 mark per share.
Following the fraud scandal involving around €2 billion, share prices of Wirecard AG (ETR: WDI) literally melted since mid-June from the €105.00 neighbourhood to levels just above the €1.00 area. Furthermore, and after the company filed for bankruptcy, hedge funds that bought credit insurance on WDI’s debt via Credit Default Swaps (CDS) are expected to get around $212 million.
Latest news around Wirecard (ETR: WDI) noted UK customers can now use their cards and pay through the company’s app after the Financial Conduct Authority (FCA) lifted the ban on its UK arm.
It is worth recalling that WDI became the first-ever DAX company to file for insolvency and that the financial scandal expose loans of around €1,3 billion expiring in late June/early July. 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 losing 16.40% at €4.79 and faces immediate support at €3.95 (low Jul.1) seconded by the all-time low at €1.76 (June 26). On the upside, a break above €9.19 (weekly high Jun.30) would expose €19.80 (weekly high Jun.24) and then €84.31 (55-day SMA).
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