ADS.DE closes above its opening price after recovering from early selling pressure
Adidas AG (ADS.DE) Technical Analysis Report for Sep 14, 2018
ADS.DE finished the week 1.5% higher at 210.30 after gaining €0.60 (0.29%) today on low volume. Trading up to €0.70 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was €1.40 (0.67%), that's far below last trading month's daily average range of €3.20. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key resistance level at 211.60.
Although the market is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
Buying could accelerate should prices move above the nearby swing high at 211.50 where further buy stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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