BEI.DE falls to lowest close since July 10th


Beiersdorf AG (BEI.DE) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
BEI.DE breaks below 50-day moving average
BEI.DE closes below its opening price unable to hold early session gains
BEI.DE finds buyers at key support level
BEI.DE unable to break through key resistance level
BEI.DE fails to close above 50-day moving average
TQ Sentiment
Report Sentiment: 44% Bearish
Technical Forecast:
Overview

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 chart for BEI.DE
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

Further selling might move prices lower should the market test July's close-by low at 96.14.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Beiersdorf AG
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Bearish Bounce off SMA 20 TQ Pro Members Only
Bullish Bounce off SMA 50 TQ Pro Members Only
Price broke through Technical Support S1 TQ Pro Members Only
Bearish Spinning Top TQ Pro Members Only
More market conditions identified for TQ Pro members...
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