HEI.DE pushes through key resistance level
HeidelbergCement AG (HEI.DE) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
HEI.DE finished Thursday at 77.72 gaining €0.70 (0.91%) on high volume. Trading up to €0.68 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (HEI.DE as at Jun 14, 2018):
Thursday's trading range was €1.62 (2.11%), that's slightly above last trading month's daily average range of €1.42. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
Breaking through the key resistance level at 77.04 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 78.64.
Though the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
As prices are trading close to June's low at 75.90, downside momentum might speed up should HDCement mark new lows for the month.