FRE.DE closes within previous day's range after lackluster session
Fresenius SE & Co. KGaA (FRE.DE) Technical Analysis Report for Apr 16, 2018
FRE.DE ended Monday at 63.90 losing €0.16 (-0.25%). Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Monday's trading range was €0.92 (1.43%), that's below last trading month's daily average range of €1.31. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
Despite a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle.
Prices are trading close to a key support level at 63.26. Prices are trading close to the key resistance level at 64.86. After having been unable to move lower than 63.60 in the prior session, the share found buyers again around the same price level today at 63.72. After spiking up to 64.64 during the day, Fresenius found resistance at the 100-day moving average at 64.41.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying might speed up should prices move above the nearby swing high at 64.86 where further buy stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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