AIXA.DE closes lower for the 2nd day in a row
AIXTRON SE (AIXA.DE) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, AIXA.DE finished the week -12.93% lower at 10.10 after losing €0.40 (-3.81%) today, significantly underperforming the TecDAX (-0.19%). The bears were in full control today, moving the market lower throughout the whole session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (AIXA.DE as at Nov 09, 2018):
Friday's trading range has been €0.39 (3.75%), that's far below the last trading month's daily average range of €0.70. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for AIXA.DE.
Two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Bearish Short Candle showed up on September 20th, AIXA.DE lost -2.30% on the following trading day.
Prices are trading close to the key technical support level at 9.56 (S1). Prices broke below the key technical support level at 10.38 (now R1), which is likely to act as resistance going forward.
While the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. Its common bearish interpretation has been confirmed for AIXTRON SE. Out of 554 times, AIXA.DE closed lower 55.78% 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 two trading days, showing a win rate of 54.87% with an average market move of -0.36%.