LHA.DE bounces off lows recouping most intraday losses
LHA.DE ended Thursday at 23.84 edging lower €0.01 (-0.04%) on high volume. Trading up to €0.45 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 prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was €0.67 (2.82%), that's slightly above last trading month's daily average range of €0.61. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
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. Although trading as low as 23.30 during the day, the market has decisively rejected those price levels and formed a bullish Pin Bar closing €0.54 above today's low.
After trading as low as 23.30 during the day, the share bounced off the key support level at 23.69. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 24.23. After spiking up to 23.97 during the day, Lufthansa found resistance at the 20-day moving average at 23.93.
Though LHA.DE 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.
Buying might accelerate should prices move above the close-by swing high at 24.17 where further buy stops could get activated.
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 Deutsche Lufthansa AG
|Close to R1 Resistance||TQ Pro Members Only|
|4 Consecutive Lower Closes||TQ Pro Members Only|
|Bullish Intraday Reversal||TQ Pro Members Only|
|Bounced off Technical Resistance R1||TQ Pro Members Only|
|Close near high of period||TQ Pro Members Only|
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