DAI.DE runs into sellers again around 57.67
Daimler AG (DAI.DE) Technical Analysis Report for Jul 13, 2018
DAI.DE ended the week -1.36% lower at 57.25 after gaining €0.09 (0.16%) today on low volume. Trading €0.26 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was €0.52 (0.91%), that's far below last trading month's daily average range of €1.11. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average.
Unable to break through the key technical resistance level at 57.54, Daimler closed below it after spiking as high as 57.67 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move above 57.65 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 57.67. After spiking up to 57.67 during the day, the share found resistance at the 20-day moving average at 57.44.
Though DAI.DE 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.
Buying could speed up should prices move above the nearby swing high at 58.49 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 56.69 where further sell stops might get triggered. With prices trading close to this year's low at 54.78, downside momentum could speed up should the stock break out to new lows for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.