BEI.DE falls to lowest close since July 10th
Beiersdorf AG (BEI.DE) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 5th day in a row, BEI.DE ended the week -2.82% lower at 97.76 after losing €0.78 (-0.79%) today. Today's closing price of 97.76 marks the lowest close since July 10th. Trading €0.50 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (BEI.DE as at Aug 10, 2018):
Friday's trading range was €1.40 (1.43%), that's slightly below last trading month's daily average range of €1.53. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly below average.
After trading as low as 97.22 during the day, Beiersdorf bounced off the key support level at 97.22. The failure to close below the support might increase that levels importance as support going forward. Unable to break through the key technical resistance level at 98.60, the stock closed below it after spiking as high as 98.62 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After spiking up to 98.62 during the day, the market found resistance at the 50-day moving average at 98.20.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already. BEI.DE broke below the 50-day moving average at 98.20 today for the first time since July 6th.
Further selling might move prices lower should the market test July's close-by low at 96.14.