IGY.DE closes within prior day's range
Innogy SE (IGY.DE) Technical Analysis Report for Dec 07, 2018 | by Techniquant Editorial Team
IGY.DE finished the week -0.62% lower at 40.13 after gaining €0.03 (0.07%) today on low volume, slightly underperforming the MDAX (0.39%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (IGY.DE as at Dec 07, 2018):
Friday's trading range has been €0.40 (1.0%), that's far above the last trading month's daily average range of €0.28. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IGY.DE.
After having been unable to move above 40.42 in the previous session, Innogy SE ran into sellers again around the same price level today, failing to move higher than 40.43. The last time this happened on Wednesday, IGY.DE lost -0.59% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 39.97 where further sell stops might get activated.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Innogy SE. Out of 162 times, IGY.DE closed higher 51.23% 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 57.41% with an average market move of 0.19%.