DAI.DE pushes through key resistance level
Daimler AG (DAI.DE) Technical Analysis Report for May 17, 2018
DAI.DE ended Thursday at 67.80 surging €0.93 (1.39%). This is the biggest single day gain in over two weeks. Today's closing price of 67.80 marks the highest close since April 5th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 67.16, the stock confirms its breakout through the prior session's high having traded €0.64 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was €0.95 (1.42%), that's slightly above last trading month's daily average range of €0.80. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Notwithstanding a weak opening Daimler managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
Breaking through the key resistance level at 67.37 today, it is now likely to act as support going forward. After having been unable to move lower than 66.77 in the prior session, the market found buyers again around the same price level today at 66.85.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Even though both sentiments are bullish for the next trading day, our quantitative statistics are only bullish while the classical technical analysis metrics show a very bullish sentiment.
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