ALV.DE closes within previous day's range after lackluster session
Allianz SE (ALV.DE) Technical Analysis Report for Sep 14, 2018
ALV.DE finished the week 2.41% higher at 185.90 after gaining €1.04 (0.56%) today. Today's closing price of 185.90 marks the highest close since August 29th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was €1.16 (0.63%), that's far below last trading month's daily average range of €2.04. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.
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.
After trading as low as 184.96 during the day, the share bounced off the key support level at 185.08. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 186.54.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the close-by swing high at 186.54 where further buy stops could 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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