HEALTHCARE: Merck KgaA (MRKGR: Baa2/BBB+) $3.5bn Acquisition
Late stage talks to buy Springworks Therapeutics for $47/shr
• Mkt Cap $3.525bn at $47/shr. EV $3.1bn.
• EBITDA currently negative and Free Cash Flow negative $180m
• Leverage would increase by <0.5x
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EURGBP TECHS: Clears Support At The 50-Day EMA
- RES 4: 0.8494 High Aug 26 ‘24
- RES 3: 0.8474 High Jan 20 and a key resistance
- RES 2: 0.8428/8450 High Mar 18 / 11 and the bull trigger
- RES 1: 0.8395 High Mar 24
- PRICE: 0.8339 @ 06:34 GMT Mar 26
- SUP 1: 0.8351/40 50-day EMA and pivot support / Low Mar 25
- SUP 2: 0.8321 61.8% retracement of the Mar 3 - 11 bull leg
- SUP 3: 0.8391 76.4% retracement of the Mar 3 - 11 bull leg
- SUP 4: 0.8241 Low Mar 3 and a key support
EURGBP is trading lower this week as the cross extends the bear cycle that started Mar 11. The cross has recently breached 0.8369, the Mar 14 low, and has confirmed a clear break of the 50-day EMA, at 0.8351. The average marked a key short-term pivot level and the breach signals scope for a deeper retracement towards 0.8321, a Fibonacci retracement. Initial resistance to watch is 0.8395, the Mar 24 high.
SCHATZ TECHS: (M5) Unwinding An Oversold Condition
- RES 4: 107.120 High Mar 4 and key resistance
- RES 3: 106.951 76..4% retracement of the Mar 4 - 6 bear leg
- RES 2: 106.847 61.8% retracement of the Mar 4 - 6 bear leg
- RES 1: 106.805 High Mar 24
- PRICE: 106.745 @ 06:12 GMT Mar 26
- SUP 1: 106.630 Low Mar 18
- SUP 2: 106.540 Low Mar 12
- SUP 3: 106.500 Low Mar 7
- SUP 4: 106.405 Low Mar 6 and the bear trigger
The latest recovery in Schatz futures appears corrective and the trend condition remains bearish. The move higher has allowed an oversold trend reading to unwind. Resistance to watch is 106.847, a Fibonacci retracement. Recent weakness resulted in a breach of key support at 106.735, the Feb 19 low. The break strengthens a bearish theme and signals scope for a deeper sell-off, towards 106.350, a Fibonacci retracement.
GBPUSD TECHS: Trend Needle Points North
- RES 4: 1.3175 High Oct 4 2024
- RES 3: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
- RES 2: 1.3048 High Nov 6 ‘24
- RES 1: 1.3015 High Mar 20 and the bull trigger
- PRICE: 1.2933 @ 06:22 GMT Mar 26
- SUP 1: 1.2886 Low Mar 21
- SUP 2: 1.2869 20-day EMA
- SUP 3: 1.2731 50-day EMA and a short-term pivot support
- SUP 4: 1.2556 Low Feb 28
The trend structure in GBPUSD remains bullish and the latest shallow pullback appears corrective. Moving average studies are in a bull-mode position and this highlights a dominant uptrend. A resumption of gains would pave the way for a climb towards 1.3048, the Nov 6 2024 high. Initial firm support to watch is 1.2869, the 20-day EMA. Clearance of this level would signal scope for a deeper retracement towards the 50-day EMA, at 1.2731.
