European Equity Indices Summary for Jul 31, 2020
Major European Indices Technical Analysis Market Overview Report for Jul 31, 2020 | by Techniquant Editorial Team
With five out of the six Major European Indices closing lower today, the ones that stand out on the negative side are BEL20 losing -2.01% and FTSE closing -1.54% lower. On the flipside the best performer has been TECDAX closing 0.42% higher.
One of today's most interesting market conditions in the Major European Indices showed up in DAX: Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed below the lower Bollinger Band" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for DAX. Out of 76 times, DAX closed higher 53.95% 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 61.84% with an average market move of 0.68%. Read more