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DAI.DE pushes through key resistance level


Technical Analysis Report for DAI.DE - May 17, 2018 [1 min read]
Highlights
DAI.DE rallies 1.39% closing €0.93 higher
DAI.DE pushes through key resistance level
DAI.DE dominated by bulls lifting the market higher throughout the day
DAI.DE ends the day on a bullish note closing near the high of the day
DAI.DE finds buyers again around 66.85
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for DAI.DE
Volatility

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.

Price Action

Notwithstanding a weak opening Daimler managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

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.

Trend

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Conclusion

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.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Price broke through Technical Resistance R1 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Bullish Engulfing Candle TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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