G24.DE closes higher for the 4th day in a row
Scout24 AG (G24.DE) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, G24.DE ended Wednesday at 41.28 gaining €0.38 (0.93%), slightly outperforming the SDAX (0.67%). Trading up to €0.26 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (G24.DE as at Feb 13, 2019):
Wednesday's trading range has been €0.64 (1.56%), that's below the last trading month's daily average range of €0.93. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for G24.DE.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on February 6th, G24.DE actually lost -2.26% on the following trading day.
Prices are trading close to the key technical resistance level at 41.94 (R1).
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could speed up should prices move above the nearby swing high at 41.74 where further buy stops might get activated. With prices trading close to this year's high at 42.90, upside momentum could accelerate should the market be able to break out to new highs for the year.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Scout24 AG. Out of 247 times, G24.DE closed higher 51.01% 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 three trading days, showing a win rate of 50.61% with an average market move of 0.08%.