N100 breaks below 200-day moving average for the first time since February 22nd


Euronext 100 (N100) Technical Analysis Report for Aug 15, 2019 | by Techniquant Editorial Team

Highlights

N100 breaks below 200-day moving average for the first time since February 22nd
N100 falls to lowest close since March 8th
N100 closes lower for the 2nd day in a row
N100 closes within previous day's range

Overview

Moving lower for the 2nd day in a row, N100 finished Thursday at 1017.59 losing €3.87 (-0.38%). Today's close at 1017.59 marks the lowest recorded closing price since March 8th. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (N100 as at Aug 15, 2019):

Daily technical analysis candlestick chart for Euronext 100 (N100) as at Aug 15, 2019

Thursday's trading range has been €20.16 (1.97%), that's above the last trading month's daily average range of €14.21. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for N100.

The market closed below the 200-day moving average at 1018.03 for the first time since February 22nd. When this moving average was crossed below the last time on October 4, 2018, N100 lost -0.83% on the following trading day.

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

Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Euronext. Out of 299 times, N100 closed higher 53.18% 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 53.51% with an average market move of 0.25%.

With five out of the other five Major European Indices closing lower today, the ones that stand out on the negative side are TECDAX losing -1.99% and FTSE closing -1.13% lower. None of the markets managed to end the day in the green. Read more


Market Conditions for N100 as at Aug 15, 2019

Loading Market Conditions for N100 (Euronext 100)...
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