BMW.DE pushes through key resistance level


Bayerische Motoren Werke AG (BMW.DE) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
BMW.DE pushes through key resistance level
BMW.DE dominated by bulls lifting the market higher throughout the day
BMW.DE ends the day on a bullish note closing near the high of the day
BMW.DE pushes through previous session high
BMW.DE rises to highest close since June 7th
TQ Sentiment
Report Sentiment: 85% Bullish
Technical Forecast:
Overview

BMW.DE finished Thursday at 86.27 gaining €1.59 (1.88%). Today's closing price of 86.27 marks the highest close since June 7th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 85.35, the stock confirms its breakout through the previous session's high having traded €1.30 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for BMW.DE
Volatility

Thursday's trading range was €2.63 (3.13%), that's far above last trading month's daily average range of €1.46. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Even with a weak opening the share managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 85.85 today, it is now likely to act as support going forward.

Trend

Although the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Conclusion

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

Market Conditions for Bayerische Motoren Werke AG
Condition Forecast Direction Win Avg Worst Best Events
3 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Black Candle TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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