BAYN.DE pushes through key resistance level
Moving higher for the 2nd day in a row, BAYN.DE ended Thursday at 100.80 gaining €1.93 (1.95%) on high volume. Today's closing price of 100.80 marks the highest close since June 4th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 98.87, the share confirms its breakout through the previous session's high having traded €2.13 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was €3.11 (3.17%), that's far above last trading month's daily average range of €2.12. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
Breaking through the key resistance level at 100.06 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 102.27.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already. Bayer managed to break above the 20-day moving average at 100.04 today for the first time since June 1st.
Further buying could move prices higher should the market test May's close-by high at 103.74.
While classical technical analysis indicates a slightly bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for Bayer AG
|Southern Doji||TQ Pro Members Only|
|Doji||TQ Pro Members Only|
|Bearish Intraday Reversal||TQ Pro Members Only|
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