FME.DE dominated by bulls lifting the market higher throughout the day
Moving higher for the 3rd day in a row, FME.DE finished Thursday at 88.48 gaining €1.56 (1.79%) on high volume. Today's closing price of 88.48 marks the highest close since May 17th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 87.40, the stock confirms its breakout through the previous session's high having traded €1.08 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 €2.52 (2.91%), that's far above last trading month's daily average range of €1.69. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being below average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
Breaking through the key resistance level at 87.68 today, it is now likely to act as support going forward. After having been unable to move lower than 86.14 in the prior session, the share found buyers again around the same price level today at 85.96. After trading as low as 85.96 during the day, FreseniusMed found support at the 20-day moving average at 86.50.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Further buying might move prices higher should the market test May's close-by high at 88.50.
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for Fresenius Medical Care
|In-Neck Pattern||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Bullish Bounce off SMA 100||TQ Pro Members Only|
|Bullish Break through SMA 20||TQ Pro Members Only|
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