MDAX pops to highest close since March 6th


MDAX Performance-Index (MDAX) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team

Highlights

MDAX rises to highest close since March 6th
MDAX dominated by bulls lifting the market higher throughout the day
MDAX runs into sellers again around 24653.70
MDAX closes within previous day's range

Overview

MDAX finished the week 5.67% higher at 24590.01 after gaining €183.10 (0.75%) today. Today's close at 24590.01 marks the highest recorded closing price since March 6th. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (MDAX as at May 22, 2020):

Daily technical analysis candlestick chart for MDAX Performance-Index (MDAX) as at May 22, 2020

Friday's trading range has been €516.38 (2.13%), that's above the last trading month's daily average range of €416.36. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MDAX.

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Additionally, two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.

After having been unable to move above 24622.19 in the previous session, the stock index ran into sellers again around the same price level today, failing to move higher than 24653.70. The last time this happened on May 15th, MDAX actually gained 3.51% on the following trading day.

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Outside Bar" stand out. Its common bullish interpretation has been confirmed for MDAX. Out of 83 times, MDAX closed higher 61.45% 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 66.27% with an average market move of 0.48%.

With three out of the other three German Stock Indices closing higher today, the ones that stand out on the positive side are TECDAX gaining 0.63% and SDAX closing 0.19% higher. None of the markets ended the day in the red. Read more


Market Conditions for MDAX as at May 22, 2020

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