(Finance) – Weak day for Lufthansawhich changes hands with a drop of 0.48%.
The group has cut its full-year 2024 profit forecast: l‘adjusted operating profit will be between 1.4 billion and 1.8 billion, down from the previous forecast of around 2.2 billion. The cash flow adjusted is expected to be less than $1 billion, versus the previous target of at least $1 billion.
Lufthansa also said it would initiate a “comprehensive turnaround program.”
The second trimester the year closed with a result before financial charges of 686 million and a cash flow of 573 million.
The one-week trend of the German airline it is weaker than the trend of the Germany MDAX. Such a decline could trigger opportunities for the market to sell the stock.
The technical status of Lufthansa shows signs of worsening with a support area set at 5.606 Euro, while on the upside the resistance area is identified at 5.89. For the next session we could witness a new bearish trend with a target estimated likely at 5.446.