BEI.DE breaks key support level
Beiersdorf AG (BEI.DE) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
BEI.DE ended the week 2.85% higher at 99.50 after losing €0.75 (-0.75%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (BEI.DE as at Jul 13, 2018):
Friday's trading range was €1.24 (1.23%), that's slightly below last trading month's daily average range of €1.85. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Breaking below the key support level at 100.00 today, it is now likely to act as resistance going forward. After having been unable to move above 100.45 in the previous session, Beiersdorf ran into sellers again around the same price level today, failing to move higher than 100.60.
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 could accelerate should the stock be able to break out to new highs for the year. Further buying might move prices higher should the market test June's nearby high at 100.90.