Hugo Boss up 3% after receiving two upgrades

Taking a look at Hugo Boss as it had two upgrades from brokers. Both Deutsche Bank and Bank of America have upgraded the company to a “buy”, on the basis of outperformance vs peers and low valuation. Currently, its shares are trading at around €61.47 a share. Looking at the chart based on the weekly timeframe, we can see the long-term supportive trendline is managing to hold on. The price of the shares did in fact dip below the trendline support on the week of 23^rd of October. but bounced back the following week and now trading above the trendline once again. Resistance is now this week’s high of €62.10, a break and close above it would then allow bulls to look at €63.94 and then €66.48. The key support here is the trendline once more, currently reading €58.20. A break and close below for a second time could indicate further downside pressure, with support lower at €54.40. Looking at the technical indicators, the MACD is negative but we can see volume is lowering and the MACD line is starting to curve towards a neutral stance. The RSI is already out of the negative zone and into the neutral as it now reads 46.