ALV.DE pops to highest close since March 12th
Allianz SE (ALV.DE) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ALV.DE ended Monday at 189.48 edging higher €0.06 (0.03%). Today's closing price of 189.48 marks the highest close since March 12th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ALV.DE as at Apr 16, 2018):
Monday's trading range was €1.38 (0.72%), that's far below last trading month's daily average range of €3.12. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly 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 189.56. After having been unable to move lower than 188.84 in the prior session, the share found buyers again around the same price level today at 189.18.
While the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Buying could speed up should prices move above the nearby swing high at 191.16 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 186.34 where further sell stops might get triggered. Further buying could move prices higher should the market test March's nearby high at 191.98.