EOAN.DE closes higher for the 3rd day in a row
E.ON SE (EOAN.DE) Technical Analysis Report for Apr 16, 2018
Moving higher for the 3rd day in a row, EOAN.DE ended Monday at 9.00 edging higher €0.01 (0.11%) on low volume. Today's closing price of 9.00 marks the highest close since April 6th. Closing within the previous day's range, prices failed to decisively move past the prior 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.
Monday's trading range was €0.06 (0.67%), that's far below last trading month's daily average range of €0.18. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average.
Unable to break through the key technical resistance level at 9.01, the stock closed below it after spiking as high as 9.02 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 8.96 in the previous session, the share found buyers again around the same price level today at 8.96.
E. ON shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Buying could accelerate should prices move above the nearby swing high at 9.04 where further buy stops might get triggered. As prices are trading close to April's high at 9.17, upside momentum could speed up should the market mark new highs for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.
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