BEI.DE finds buyers at key support level

Beiersdorf AG (BEI.DE) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team


BEI.DE closes above its opening price after recovering from early selling pressure
BEI.DE finds buyers at key support level
BEI.DE finds support at 20-day moving average
BEI.DE closes higher for the 5th day in a row
BEI.DE ends the day on a bullish note closing near the high of the day


Moving higher for the 5th day in a row, BEI.DE ended Thursday at 99.36 gaining €0.14 (0.14%) on high volume. Today's closing price of 99.36 marks the highest close since January 9th. Trading up to €1.08 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 99.34, Beiersdorf confirms its breakout through the prior session's high having traded €0.40 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (BEI.DE as at Jun 14, 2018):

Daily technical analysis candlestick chart for Beiersdorf AG (BEI.DE) as at Jun 14, 2018

Thursday's trading range was €2.04 (2.07%), that's far above last trading month's daily average range of €1.30. Weekly volatility is also higher, being above the markets average with the monthly volatility being way below average.

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.

After trading as low as 97.70 during the day, the stock bounced off the key support level at 97.82. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 99.76. After trading as low as 97.70 during the day, the market found support at the 20-day moving average at 98.46.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

With prices trading close to this year's high at 101.15, upside momentum might accelerate should BEI.DE be able to break out to new highs for the year. Further buying could move prices higher should the market test May's close-by high at 100.00.

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