BMW.DE pushes through key resistance level
Bayerische Motoren Werke AG (BMW.DE) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (BMW.DE as at Jun 14, 2018):
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.
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.
Breaking through the key resistance level at 85.85 today, it is now likely to act as support going forward.
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.