HEI.DE unable to break through key resistance level

HeidelbergCement AG (HEI.DE) Technical Analysis Report for Apr 16, 2018

Highlights

HEI.DE unable to break through key resistance level
HEI.DE fails to close above 20-day moving average
HEI.DE ends the day on a bearish note closing near the low of the day
HEI.DE finds buyers again around 79.30
HEI.DE closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 33% Bearish
Technical Forecast:

Overview

HEI.DE ended Monday at 79.46 losing €0.26 (-0.33%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for HEI.DE

Volatility

Monday's trading range was €1.02 (1.29%), that's below last trading month's daily average range of €1.32. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Price Action

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.

Support/Resistance

Prices are trading close to a key support level at 78.64. Unable to break through the key technical resistance level at 80.22, the stock closed below it after spiking as high as 80.32 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move lower than 79.24 in the previous session, the market found buyers again around the same price level today at 79.30. After spiking up to 80.32 during the day, the share found resistance at the 20-day moving average at 80.15.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Buying might speed up should prices move above the close-by swing high at 80.40 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 78.66 where further sell stops could get triggered. With prices trading close to this year's low at 77.64, downside momentum might speed up should HDCement break out to new lows for the year.

Conclusion

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

Market Conditions for HeidelbergCement AG

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Sep 19, 2018
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