LHA.DE finds buyers again around 22.71
Deutsche Lufthansa AG (LHA.DE) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, LHA.DE ended the week -1.64% lower at 22.84 after losing €0.32 (-1.38%) today. Today's closing price of 22.84 marks the lowest close since July 30th. Trading €0.17 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (LHA.DE as at Aug 10, 2018):
Friday's trading range was €0.46 (2.0%), that's slightly below last trading month's daily average range of €0.57. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way above average.
Unable to break through the key technical resistance level at 23.08, the share closed below it after spiking as high as 23.17 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 22.71 in the prior session, Lufthansa found buyers again around the same price level today at 22.71.
While the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.