SCHATZ closes higher for the 2nd day in a row
Euro Schatz (SCHATZ) Technical Analysis Report for Jan 23, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SCHATZ finished Thursday at 111.930 gaining €0.025 (0.02%) on high volume. Closing above Wednesday's high at 111.915, the contract confirmed its breakout through the prior session high after trading up to €0.030 above it intraday.
Daily Candlestick Chart (SCHATZ as at Jan 23, 2020):
Thursday's trading range has been €0.045 (0.04%), that's slightly above the last trading month's daily average range of €0.040. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for SCHATZ.
One bullish candlestick pattern matches today's price action, the White Candle.
After spiking up to 111.945 during the day, the Schatz found resistance at the 20-day moving average at 111.933. The last time this happened on December 23, 2019, SCHATZ lost -0.01% on the following trading day.
Though the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Euro Schatz. Out of 308 times, SCHATZ closed higher 46.43% 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 60.06% with an average market move of 0.02%.