AIR.PA pushes through Thursday's high
Airbus SE (AIR.PA) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, AIR.PA finished the week 5.52% higher at 117.68 after gaining €0.68 (0.58%) today on high volume. Today's close at 117.68 marks the highest recorded closing price ever. Closing above Thursday's high at 117.24, Airbus confirmed its breakout through the previous session high after trading up to €2.00 above it intraday.
Daily Candlestick Chart (AIR.PA as at Mar 15, 2019):
Friday's trading range has been €2.42 (2.07%), that's far above the last trading month's daily average range of €1.55. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for AIR.PA.
One bearish candlestick pattern matches today's price action, the Last Engulfing Top Pattern. The last time a Last Engulfing Top Pattern showed up on February 27th, AIR.PA actually gained 0.12% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 113.52.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Airbus. Out of 207 times, AIR.PA closed lower 54.59% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 56.04% with an average market move of -0.43%.