BAYN.DE pushes through key resistance level


Bayer AG (BAYN.DE) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
BAYN.DE pushes through key resistance level
BAYN.DE dominated by bulls lifting the market higher throughout the day
BAYN.DE pushes through 20-day moving average
BAYN.DE closes higher for the 2nd day in a row
BAYN.DE ends the day on a bullish note closing near the high of the day
TQ Sentiment
Report Sentiment: 62% Bullish
Technical Forecast:
Overview

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.

Daily chart for BAYN.DE
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

Further buying could move prices higher should the market test May's close-by high at 103.74.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
Southern Doji TQ Pro Members Only
Doji TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
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