BEL20 closes above its opening price after recovering from early selling pressure


BEL 20 (BEL20) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team

Highlights

BEL20 rises to highest close since August 9, 2018
BEL20 closes above its opening price after recovering from early selling pressure
BEL20 closes higher for the 4th day in a row
BEL20 finds buyers again around 3841.36
BEL20 closes within previous day's range after lackluster session

Overview

Moving higher for the 4th day in a row, BEL20 finished Tuesday at 3860.17 gaining €13.39 (0.35%). Today's close at 3860.17 marks the highest recorded closing price since August 9, 2018. Trading up to €8.59 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. 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 (BEL20 as at Apr 16, 2019):

Daily technical analysis candlestick chart for BEL 20 (BEL20) as at Apr 16, 2019

Tuesday's trading range has been €24.70 (0.64%), that's below the last trading month's daily average range of €37.51. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for BEL20.

After having been unable to move lower than 3842.33 in the previous session, the stock index found buyers again around the same price level today at 3841.36. The last time this happened on April 11th, BEL20 gained 0.98% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying might speed up should prices move above the close-by swing high at 3868.32 where further buy stops could get activated.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for BEL 20. Out of 448 times, BEL20 closed higher 55.36% 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 56.03% with an average market move of 0.36%.

With five out of the other five Major European Indices closing higher today, the ones that stand out on the positive side are TECDAX gaining 0.96% and DAX closing 0.67% higher. None of the markets ended the day in the red. Read more


Market Conditions for BEL20 as at Apr 16, 2019

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