HEI.DE pushes through key resistance level


HeidelbergCement AG (HEI.DE) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
HEI.DE pushes through key resistance level
HEI.DE closes above its opening price after recovering from early selling pressure
HEI.DE ends the day on a bullish note closing near the high of the day
HEI.DE closes within previous day's range
TQ Sentiment
Report Sentiment: 60% Bullish
Technical Forecast:
Overview

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 chart for HEI.DE
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

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.

Conclusion

While classical technical analysis indicates a slightly bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for HeidelbergCement AG
Condition Forecast Direction Win Avg Worst Best Events
Low close to previous low TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Bearish Spinning Top TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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