DAI.DE pushes through previous session high
Daimler AG (DAI.DE) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
DAI.DE ended Thursday at 63.19 surging €1.46 (2.37%). This is the biggest single day gain in over two months. Today's closing price of 63.19 marks the highest close since May 28th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 62.49, the share confirms its breakout through the prior session's high having traded €0.94 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 (DAI.DE as at Jun 14, 2018):
Thursday's trading range was €2.31 (3.77%), that's far above last trading month's daily average range of €1.14. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being way above average.
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. Despite a weak opening the stock managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
Breaking through the key resistance level at 63.04 today, it is now likely to act as support going forward.
While the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.