BAYN.DE runs into sellers again around 99.49


Bayer AG (BAYN.DE) Technical Analysis Report for Apr 16, 2018 [< 1 min read]
Highlights
BAYN.DE breaks key support level
BAYN.DE runs into sellers again around 99.49
BAYN.DE breaks below previous session low
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

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 chart for BAYN.DE
Volatility

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.

Price Action

In spite of a strong opening Bayer closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

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.

Trend

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.

Order Flow

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.

Conclusion

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

Market Conditions for Bayer AG
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Outside Bar TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Doji TQ Pro Members Only
Long-Legged Doji TQ Pro Members Only
Bearish Pin Bar TQ Pro Members Only
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