BEI.DE dominated by bulls lifting the market higher throughout the day
Beiersdorf AG (BEI.DE) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BEI.DE finished Thursday at 98.16 gaining €0.70 (0.72%). Today's closing price of 98.16 marks the highest close since January 9th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 97.60, the market confirms its breakout through the prior session's high having traded €0.70 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 May 17, 2018):
Thursday's trading range was €1.26 (1.3%), that's slightly above last trading month's daily average range of €1.12. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.
Breaking through the key resistance level at 97.66 today, it is now likely to act as support going forward.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.