GYC.DE closes within prior day's range after lackluster session
Grand City Properties (GYC.DE) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
GYC.DE finished Wednesday at 20.84 edging higher €0.06 (0.29%), slightly underperforming the MDAX (0.61%). 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 (GYC.DE as at Feb 13, 2019):
Wednesday's trading range has been €0.22 (1.06%), that's far below the last trading month's daily average range of €0.36. 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 slightly higher than usual for GYC.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, three candlestick patterns are matching today's price action, the Bullish Harami Cross Pattern and the Southern Doji which are both known as bullish patterns and one neutral pattern, the Doji. The last time a Southern Doji showed up on November 6, 2018, GYC.DE gained 2.72% on the following trading day.
Prices are trading close to the key technical support level at 20.62 (S1).
Grand City shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might accelerate should prices move above the nearby swing high at 21.10 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 20.64 where further sell stops could get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Harami Cross Pattern" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Grand City. Out of 2 times, GYC.DE closed lower 100.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 100.00% with an average market move of -6.36%.