ACX.DE closes below its opening price unable to hold early session gains
bet-at-home.com (ACX.DE) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ACX.DE ended the week 10.2% higher at 58.90 after edging lower €0.15 (-0.25%) today, but still slightly outperforming the SDAX (-0.48%). Trading €1.80 higher after the open, bet-at-home. com 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 in a lackluster session.
Daily Candlestick Chart (ACX.DE as at Jan 11, 2019):
Friday's trading range has been €2.10 (3.56%), that's below the last trading month's daily average range of €3.08. 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 higher than usual for ACX.DE.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, four candlestick patterns are matching today's price action, the Gravestone Doji, the Northern Doji and the Shooting Star which are known as bearish patterns and one neutral pattern, the Doji. The last time a Doji showed up on July 12, 2018, ACX.DE gained 3.50% on the following trading day.
Prices are trading close to the key technical support level at 58.20 (S1). Prices are trading close to the key technical resistance level at 60.90 (R1).
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the close-by swing high at 61.90 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 58.20 where further sell stops could get triggered.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Gravestone Doji" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for bet-at-home. com. Out of 17 times, ACX.DE closed higher 70.59% 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 76.47% with an average market move of 8.62%.