European Equity Indices Summary for Jul 10, 2019
Major European Indices Technical Analysis Market Overview Report for Jul 10, 2019 | by Techniquant Editorial Team
With four out of the six Major European Indices closing lower today, the ones that stand out on the negative side are DAX losing -0.51% and N100 closing -0.17% lower. On the flipside the best performers have been TECDAX closing 0.2% higher and BEL20 gaining 0.05%.
One of today's most interesting market conditions in the Major European Indices showed up in BEL20: Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 100" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for BEL 20. Out of 21 times, BEL20 closed higher 66.67% 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 52.38% with an average market move of 0.29%. Read more