MDAX climbs to highest close since October 5, 2018


MDAX Performance-Index (MDAX) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team

Highlights

MDAX rises to highest close since October 5, 2018
MDAX closes higher for the 5th day in a row
MDAX pushes through Thursday's high

Overview

Moving higher for the 5th day in a row, MDAX finished the week 3.5% higher at 25150.78 after gaining €126.29 (0.5%) today. Today's close at 25150.78 marks the highest recorded closing price since October 5, 2018. Closing above Thursday's high at 25056.15, the index confirmed its breakout through the prior session high after trading up to €195.08 above it intraday.

Daily Candlestick Chart (MDAX as at Mar 15, 2019):

Daily technical analysis candlestick chart for MDAX Performance-Index (MDAX) as at Mar 15, 2019

Friday's trading range has been €239.74 (0.96%), that's above the last trading month's daily average range of €183.30. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MDAX.

With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 24553.25.

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

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for MDAX. Out of 60 times, MDAX closed higher 61.67% 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 73.33% with an average market move of 0.70%.

With three out of the other three German Stock Indices closing higher today, the ones that stand out on the positive side are DAX gaining 0.85% and SDAX closing 0.65% higher. None of the markets ended the day in the red. Read more


Market Conditions for MDAX as at Mar 15, 2019

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