BEL20 rises to highest close since August 26th


BEL 20 (BEL20) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team

Highlights

BEL20 breaks above 50-day moving average for the first time since August 17th
BEL20 rises to highest close since August 26th
BEL20 dominated by bulls lifting the market higher throughout the day
BEL20 closes higher for the 3rd day in a row
BEL20 pushes through Tuesday's high

Overview

Moving higher for the 3rd day in a row, BEL20 finished Wednesday at 3392.90 gaining €29.75 (0.88%). Today's close at 3392.90 marks the highest recorded closing price since August 26th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 3380.54, the market confirmed its breakout through the previous session high after trading up to €12.36 above it intraday.

Daily Candlestick Chart (BEL20 as at Sep 16, 2020):

Daily technical analysis candlestick chart for BEL 20 (BEL20) as at Sep 16, 2020

Wednesday's trading range has been €37.78 (1.12%), that's below the last trading month's daily average range of €52.30. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BEL20.

One bullish candlestick pattern matches today's price action, the White Candle.

The index managed to close above the 50-day moving average at 3391.84 for the first time since August 17th. When this moving average was crossed above the last time on August 11th, BEL20 gained 0.97% on the following trading day. Prices are trading close to the key technical resistance level at 3421.75 (R1).

BEL 20 shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Selling might speed up should prices move below the nearby swing low at 3338.57 where further sell stops could get triggered. Further buying might move prices higher should the market test August's close-by high at 3475.59.

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for BEL 20. Out of 90 times, BEL20 closed higher 61.11% 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 60.00% with an average market move of 0.23%.

With four out of the other five Major European Indices closing higher today, the ones that stand out on the positive side are TECDAX gaining 0.79% and N100 closing 0.3% higher. On the flipside the worst performer has been FTSE closing -0.44% lower. Read more


Market Conditions for BEL20 as at Sep 16, 2020

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