GXI.DE closes within prior day's range
Gerresheimer (GXI.DE) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
GXI.DE ended Wednesday at 58.00 edging lower €0.10 (-0.17%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (GXI.DE as at Feb 13, 2019):
Wednesday's trading range has been €1.15 (1.98%), that's slightly below the last trading month's daily average range of €1.26. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for GXI.DE.
Two candlestick patterns are matching today's price action, the Gravestone Doji which is known as bearish pattern and one neutral pattern, the Doji.
Prices are trading close to the key technical support level at 57.75 (S1). After spiking up to 59.15 during the day, the share found resistance at the 50-day moving average at 58.82. The last time this happened on January 15th, GXI.DE actually gained 1.17% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 59.30 where further buy stops might get triggered. As prices are trading close to February's high at 59.95, upside momentum could accelerate should Gerresheimer mark new highs for the month.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 50" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Gerresheimer. Out of 42 times, GXI.DE closed higher 61.90% 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 10 trading days, showing a win rate of 76.19% with an average market move of 1.86%.