BAYN.DE pushes through key resistance level
Bayer AG (BAYN.DE) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BAYN.DE ended the week -0.38% lower at 93.39 after gaining €0.73 (0.79%) today. Closing above Thursday's high at 92.80, the market confirms its breakout through the prior session's high having traded €1.00 above it intraday.
Daily Candlestick Chart (BAYN.DE as at Jul 13, 2018):
Friday's trading range was €1.08 (1.16%), that's below last trading month's daily average range of €1.63. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Breaking through the key resistance level at 92.90 today, it is now likely to act as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 91.94 where further sell stops might get triggered.