ACX.DE closes higher for the 3rd day in a row
bet-at-home.com (ACX.DE) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ACX.DE finished Wednesday at 61.65 gaining €0.60 (0.98%) on low volume, slightly outperforming the SDAX (0.67%). 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 Feb 13, 2019):
Wednesday's trading range has been €1.35 (2.19%), that's far below the last trading month's daily average range of €2.61. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower 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, three candlestick patterns are matching today's price action, the Northern Doji and the Shooting Star which are both known as bearish patterns and one neutral pattern, the Doji. The last time a Doji showed up on January 14th, ACX.DE gained 2.50% on the following trading day.
Unable to break through the key technical resistance level at 62.35 (R1), the stock closed below it after spiking up to 62.70 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. After having been unable to move above 62.80 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 62.70.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 62.80 where further buy stops could get triggered. With prices trading close to this year's high at 66.80, upside momentum might accelerate should bet-at-home. com be able to break out to new highs for the year.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Shooting Star" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for bet-at-home. com. Out of 32 times, ACX.DE closed higher 62.50% 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 62.50% with an average market move of 3.47%.