DAI.DE breaks key support level
Moving lower for the 2nd day in a row, DAI.DE ended the week -1.65% lower at 57.20 after tanking €1.84 (-3.12%) today. This is the biggest single day loss in over a month. Today's closing price of 57.20 marks the lowest close since July 16th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 58.64, the stock confirms its breakout through the prior session's low having traded €1.67 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was €1.73 (2.95%), that's far above last trading month's daily average range of €1.13. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
Prices are trading close to a key support level at 56.82. Breaking below the key support level at 58.49 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The share broke below the 50-day moving average at 58.76 today for the first time since May 24th.
Selling might accelerate should prices move below the nearby swing low at 56.76 where further sell stops could get triggered. With prices trading close to this year's low at 54.78, downside momentum might speed up should Daimler break out to new lows for the year.
Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a bearish sentiment.
Market Conditions for Daimler AG
|Closed below last periods low||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|52 Week Low||TQ Pro Members Only|
|Bounced off Technical Support S1||TQ Pro Members Only|
|RSI(2) below 20||TQ Pro Members Only|
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