BOBL closes higher for the 3rd day in a row
Euro Bobl (BOBL) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BOBL finished the week 0.04% higher at 132.77 after gaining €0.05 (0.04%) today. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (BOBL as at Jan 11, 2019):
Friday's trading range has been €0.14 (0.11%), that's far below the last trading month's daily average range of €0.24. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BOBL.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Shooting Star. The last time a Bullish Spinning Top showed up on November 30, 2018, BOBL gained 0.05% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Shooting Star" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Euro Bobl. Out of 74 times, BOBL closed higher 60.81% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.11% with an average market move of 0.07%.