German company dares attack Netflix and Amazon streaming services
ProSiebenSat 1 Media SE, a German media company based near Munich, plans to launch an attack on the streaming services of Netflix and Amazon for the German market with a new streaming service to be called “Joyn”. An exact start date for the streaming service is not yet known, but the Handelsblatt reports that it will start in June. According to this report, the service is currently running for several thousand test users but is expected to reach ten million users in two years.
Such a success would help the share price of the German media company. Since the end of November 2015, the stock has been increasingly losing ground. From prices above €50, the share fell to below €16 at the end of March this year.
From a chart technical point of view, the market is in an exciting position. The zone around €15.22 could be decisive for further progress. If the market breaks through this barrier upwards, the next significant structural level could be in the €16.95 area. Further resistance could then be in the €18.20 range. This zone also forms the lower edge of a gap from November 2018. Further structural resistance on the way up could then be at around €19.53 and €21.50.
If the bears take over the market, then there could be support at €13.74. Further support could then be at the March 2019 low of €12.66. If the market goes further down, the zones at €11.67 and €10.45 could provide support.
The MACD oscillator has formed a bearish cross. However, the two lines are moving towards each other. The histogram is moving towards its zero lines.
PSM.GE Daily Chart | Source: ActivTrader
Written by Daniel Schuetz, External Analyst, ActivTrades
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