BEL20 climbs to highest close since November 7, 2007


BEL 20 (BEL20) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

BEL20 rises to highest close since November 7, 2007
BEL20 pushes through Thursday's high

Overview

BEL20 finished the week 2.2% higher at 4185.44 after edging higher €2.66 (0.06%) today. Today's close at 4185.44 marks the highest recorded closing price since November 7, 2007. Closing above Thursday's high at 4182.78, the market confirmed its breakout through the previous session high after trading up to €15.27 above it intraday.

Daily Candlestick Chart (BEL20 as at Feb 14, 2020):

Daily technical analysis candlestick chart for BEL 20 (BEL20) as at Feb 14, 2020

Friday's trading range has been €25.31 (0.61%), that's below the last trading month's daily average range of €43.61. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for BEL20.

Three candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns and one bearish pattern, the Last Engulfing Top Pattern. The last time a Bullish Short Candle showed up on Monday, BEL20 gained 1.23% on the following trading day.

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

Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for BEL 20. Out of 658 times, BEL20 closed higher 51.37% 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 57.60% with an average market move of 0.21%.

With five out of the other five Major European Indices closing lower today, the ones that stand out on the negative side are FTSE losing -0.58% and TECDAX closing -0.44% lower. None of the markets managed to end the day in the green. Read more


Market Conditions for BEL20 as at Feb 14, 2020

Loading Market Conditions for BEL20 (BEL 20)...
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