FME.DE pushes through key resistance level


Fresenius Medical Care (FME.DE) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
FME.DE rallies 3.63% closing €3.10 higher
FME.DE pushes through key resistance level
Traders officially love to buy FME.DE around 84.98 level
FME.DE dominated by bulls lifting the market higher throughout the day
FME.DE pushes through 100-day moving average
TQ Sentiment
Report Sentiment: 90% Bullish
Technical Forecast:
Overview

FME.DE ended Thursday at 88.50 surging €3.10 (3.63%). This is the biggest single day gain in over five months. Today's closing price of 88.50 marks the highest close since February 1st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 85.84, FreseniusMed confirms its breakout through the previous session's high having traded €2.66 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 FME.DE
Volatility

Thursday's trading range was €3.52 (4.12%), that's far above last trading month's daily average range of €1.48. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being way above average.

Price Action

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. In spite of a weak opening the stock managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 86.68 today, it is now likely to act as support going forward. The share was bought again around 84.98 after having seen lows at 85.02, 84.94 and 85.04 in the last three trading sessions. Obviously there is something going on at that level.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The market managed to break above the 100-day moving average at 85.90 today for the first time since May 2nd.

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.

Market Conditions for Fresenius Medical Care
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Bounce off SMA 200 TQ Pro Members Only
White Candle TQ Pro Members Only
Bullish Break through SMA 100 TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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