BNR.DE finds buyers again around 46.48
Brenntag AG (BNR.DE) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, BNR.DE finished the week 5.64% higher at 47.00 after gaining €0.34 (0.73%) today on high volume, slightly outperforming the MDAX (0.5%). Today's close at 47.00 marks the highest recorded closing price since October 18, 2018. Trading up to €0.41 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (BNR.DE as at Mar 15, 2019):
Friday's trading range has been €0.88 (1.88%), that's slightly above the last trading month's daily average range of €0.74. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BNR.DE.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Additionally, two candlestick patterns are matching today's price action, the Bullish High-Wave Candle and the Bullish Spinning Top which are both known as bullish patterns.
After having been unable to move lower than 46.52 in the previous session, the share found buyers again around the same price level today at 46.48. The last time this happened on March 7th, BNR.DE actually lost -2.22% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 44.77.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish High-Wave Candle" stand out. Its common bullish interpretation has been confirmed for Brenntag AG. Out of 20 times, BNR.DE closed higher 55.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 75.00% with an average market move of 1.01%.