N100 unable to break through key resistance level

Euronext 100 (N100) Technical Analysis Report for Jan 16, 2020 | by Techniquant Editorial Team


N100 rises to highest close ever
N100 closes below its opening price unable to hold early session gains
N100 unable to break through key resistance level
N100 closes higher for the 3rd day in a row
N100 closes within previous day's range


Moving higher for the 3rd day in a row, N100 finished Thursday at 1159.20 gaining €1.33 (0.11%). Today's close at 1159.20 marks the highest recorded closing price ever. Trading €3.17 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. 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 Jan 16, 2020):

Daily technical analysis candlestick chart for Euronext 100 (N100) as at Jan 16, 2020

Thursday's trading range has been €6.42 (0.55%), that's slightly below the last trading month's daily average range of €7.62. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for N100.

Four candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man. The last time a Doji showed up on December 31, 2019, N100 gained 1.21% on the following trading day.

Unable to break through the key technical resistance level at 1161.61 (R1), Euronext closed below it after spiking up to 1162.42 earlier during the day. The failure to close above the resistance might increase that levels significance going forward.

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

Buying could accelerate should prices move above the close-by swing high at 1163.80 where further buy stops might get activated.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Rickshaw-Man" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Euronext. Out of 12 times, N100 closed higher 75.00% 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 four trading days, showing a win rate of 75.00% with an average market move of 0.90%.

With three out of the other five Major European Indices closing higher today, the ones that stand out on the positive side are TECDAX gaining 0.84% and BEL20 closing 0.43% higher. On the flipside the worst performers have been FTSE closing -0.43% lower and DAX losing -0.02%. Read more

Market Conditions for N100 as at Jan 16, 2020

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