BAS.DE finds buyers again around 83.95

BASF SE (BAS.DE) Technical Analysis Report for Apr 16, 2018

Highlights

BAS.DE closes below its opening price unable to hold early session gains
BAS.DE finds buyers at key support level
BAS.DE closes higher for the 3rd day in a row
BAS.DE finds buyers again around 83.95
BAS.DE rises to highest close since April 5th

TQ Sentiment

Report Sentiment: 22% Bullish
Technical Forecast:

Overview

Moving higher for the 3rd day in a row, BAS.DE ended Monday at 84.19 edging higher €0.07 (0.08%) on low volume. Today's closing price of 84.19 marks the highest close since April 5th. Trading €0.27 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous 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.

Daily chart for BAS.DE

Volatility

Monday's trading range was €0.71 (0.84%), that's far below last trading month's daily average range of €1.37. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Price Action

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.

Support/Resistance

After trading as low as 83.95 during the day, BASF bounced off the key support level at 84.08. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move lower than 83.88 in the previous session, the share found buyers again around the same price level today at 83.95.

Trend

Though 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.

Order Flow

Buying could speed up should prices move above the nearby swing high at 84.91 where further buy stops might get activated. Further buying could move prices higher should the market test March's close-by high at 86.52.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.

Market Conditions for BASF SE

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BAS.DE rallies 1.63% on high volume

Sep 21, 2018
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