BAYN.DE runs into sellers again around 99.49
Bayer AG (BAYN.DE) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
BAYN.DE finished Monday at 97.98 losing €0.67 (-0.68%). Closing below Friday's low at 98.13, the market confirms its breakout through the previous session's low having traded €0.56 below it intraday.
Daily Candlestick Chart (BAYN.DE as at Apr 16, 2018):
Monday's trading range was €1.92 (1.93%), that's slightly above last trading month's daily average range of €1.75. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.
In spite of a strong opening Bayer closed below the prior day's open and close, forming a bearish Engulfing Candle.
Breaking below the key support level at 98.38 today, it is now likely to act as resistance going forward. After having been unable to move above 99.54 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 99.49.
Though the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Buying might speed up should prices move above the close-by swing high at 99.54 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 96.50 where further sell stops could get triggered.