Allianz Shares Test Critical Support After Historic High Gives Way

The Allianz stock has pulled back from the record territory it entered in late April, leaving the shares hovering just above a technical line that could determine the direction of the medium-term trend. The Munich-based insurer briefly surpassed its previous all-time high of €396.21 from April 2000 to touch €397.00 — a milestone that marked the first time the stock had seen new highs in a quarter-century — but has since given back those gains. The current price of €370.20 sits barely a whisker above the 200-day moving average at €370.13, a level chartists treat as the dividing line between a healthy uptrend and a deteriorating one.

The retreat has unfolded even as Allianz presses ahead with a substantial share buyback programme. Since the scheme launched on 12 March, the company has repurchased nearly 2.65 million shares, including 385,407 during the week of 25 to 29 May alone. The programme, executed via Xetra and multilateral trading systems through a mandated bank, is authorised for up to €2.5 billion. In the first quarter, operating profit rose 6.6% to €4.52 billion, and the dividend of €17.10 per share was paid out in May as previously scheduled.

Technical indicators have been flashing mixed warnings. The stock broke below its 50-day moving average of €378.05 on 1 June, and the MACD had already generated a bearish cross on 28 May. The picture on the relative strength index is less straightforward: one reading puts the RSI at 73.9, still in overbought territory — a legacy of the powerful run-up that preceded the current correction — while a shorter-term gauge has fallen to 40, reflecting the recent loss of momentum without dipping into oversold waters. The annualised 30-day volatility of 23.55% suggests that sharp swings in either direction are more likely than usual in the near term.

Should investors sell immediately? Or is it worth buying Allianz?

The immediate challenge is defending the 200-day line. A daily close below that mark would significantly sour the technical outlook. The 100-day moving average at €373.88 already sits above the current price and offers no support from below. On the upside, the 50-day MA at €378.05 now stands as the first resistance level, with the recent peak of €397.00 a distant target. The stock has lost 3.6% over the past seven days and is down roughly 5% since the start of the year.

Despite the near-term pressure, the broader picture remains intact. Over the past twelve months, Allianz shares have gained just over 5%, and the 52-week low of €332.80 is around 11% below current levels — a cushion that keeps the long-term uptrend unbroken for now. The buyback programme will continue to absorb shares until the full €2.5 billion is deployed, providing a structural support that may help the stock ward off a deeper slide. Whether that is enough to prevent a decisive break of the 200-day average is the question traders are now watching.

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