DIC.DE closes higher for the 2nd day in a row
DIC Asset (DIC.DE) Technical Analysis Report for Dec 07, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, DIC.DE ended the week -1.66% lower at 9.49 after gaining €0.04 (0.42%) today, outperforming the SDAX (-0.09%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (DIC.DE as at Dec 07, 2018):
Friday's trading range has been €0.26 (2.76%), that's far above the last trading month's daily average range of €0.15. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DIC.DE.
Prices are trading close to the key technical support level at 9.35 (S1). After spiking up to 9.68 during the day, the market found resistance at the 100-day moving average at 9.60. The last time this happened on November 1st, DIC.DE actually gained 0.42% on the following trading day.
DIC Asset shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 100" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for DIC Asset. Out of 24 times, DIC.DE closed higher 54.17% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 62.50% with an average market move of -0.13%.