IFX.DE breaks back above 50-day moving average
Infineon Technologies AG (IFX.DE) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IFX.DE ended the week 4.32% higher at 19.80 after surging €0.76 (3.99%) today on high volume, notably outperforming the DAX (0.85%). This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on February 25th, IFX.DE actually lost -1.74% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (IFX.DE as at Mar 15, 2019):
Friday's trading range has been €0.76 (3.97%), that's far above the last trading month's daily average range of €0.41. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IFX.DE.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 50-day moving average at 19.16. Prices are trading close to the key technical resistance level at 20.04 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 20.30, upside momentum might speed up should the stock be able to break out to new highs for the year. As prices are trading close to March's high at 20.04, upside momentum could accelerate should Infineon mark new highs for the month.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for Infineon. Out of 539 times, IFX.DE closed higher 52.88% 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 58.44% with an average market move of 1.79%.