BEL20 finds buyers again around 2839.00


BEL 20 (BEL20) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

BEL20 dominated by bulls lifting the market higher throughout the day
BEL20 closes higher for the 3rd day in a row
BEL20 finds buyers again around 2839.00
BEL20 closes within previous day's range

Overview

Moving higher for the 3rd day in a row, BEL20 finished Thursday at 3004.43 gaining €84.78 (2.9%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (BEL20 as at Mar 26, 2020):

Daily technical analysis candlestick chart for BEL 20 (BEL20) as at Mar 26, 2020

Thursday's trading range has been €165.43 (5.8%), that's slightly above the last trading month's daily average range of €153.41. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BEL20.

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, three candlestick patterns are matching today's price action, the Bullish Closing Marubozu and the White Candle which are both known as bullish patterns and one bearish pattern, the Last Engulfing Top Pattern.

After having been unable to move lower than 2826.68 in the previous session, the stock index found buyers again around the same price level today at 2839.00. The last time this happened on March 17th, BEL20 gained 1.88% on the following trading day.

Although BEL 20 is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Buying could accelerate should prices move above the close-by swing high at 3036.32 where further buy stops might get triggered.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for BEL 20. Out of 428 times, BEL20 closed higher 54.44% 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 57.01% with an average market move of 0.25%.

With five out of the other five Major European Indices closing higher today, the ones that stand out on the positive side are CAC gaining 2.51% and N100 closing 2.43% higher. None of the markets ended the day in the red. Read more


Market Conditions for BEL20 as at Mar 26, 2020

Loading Market Conditions for BEL20 (BEL 20)...
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BEL20 ends the day indecisive

Apr 06, 2020
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