TECDAX closes within prior day's range
TecDAX (TECDAX) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
TECDAX ended the week 2.71% higher at 3265.31 after losing €14.42 (-0.44%) today. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (TECDAX as at Feb 14, 2020):
Friday's trading range has been €34.22 (1.04%), that's slightly below the last trading month's daily average range of €43.18. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TECDAX.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on February 7th, TECDAX actually gained 0.10% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 3222.79 where further sell stops could get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for TecDAX. Out of 603 times, TECDAX closed higher 51.08% 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 62.35% with an average market move of 0.94%.
With four out of the other five Major European Indices closing lower today, the ones that stand out on the negative side are FTSE losing -0.58% and CAC closing -0.39% lower. On the flipside the best performer has been BEL20 closing 0.06% higher. Read more