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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
In a surprise reversal of German defense policy, Berlin canceled the F126 frigate program. The unexpected move sent shares of Rheinmetall, Hensoldt, and Renk sharply lower, according to media reports.
Rheinmetall (RNMBF) closed at $1,077.50 on June 24, after posting a high of $1,129.89 and a low of $1,055.00 during the session, per market data. The decline came after the European defense sector had rallied strongly in recent months on expectations of higher military spending in Europe, according to earlier data.
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Sign InRheinmetall shares now face selling pressure, with the $1,055 level (the last session's low) acting as technical support and $1,129.89 as immediate resistance. Investors await any announcements from Berlin on alternative defense programs to gauge the near-term direction of the stock.