CON.DE breaks key support level
Continental AG (CON.DE) Technical Analysis Report for Apr 16, 2018
Moving lower for the 2nd day in a row, CON.DE ended Monday at 222.20 losing €2.80 (-1.24%) on low volume. Today's closing price of 222.20 marks the lowest close since April 9th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 224.40, the stock confirms its breakout through the prior session's low having traded €2.40 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Monday's trading range was €3.60 (1.6%), that's slightly below last trading month's daily average range of €3.95. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Breaking below the key support level at 223.70 today, it is now likely to act as resistance going forward.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already. The share broke below the 50-day moving average at 223.95 today for the first time since February 8th.
With prices trading close to this year's low at 213.30, downside momentum could speed up should the market break out to new lows for the year. As prices are trading close to April's low at 215.70, downside momentum might accelerate should Continental mark new lows for the month.
Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only bearish while our quantitative statistics show a very bearish sentiment.
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