LIN.DE finds buyers again around 164.60
Linde AG (LIN.DE) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
LIN.DE ended Monday at 165.00 flat. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (LIN.DE as at Apr 16, 2018):
Monday's trading range was €2.05 (1.24%), that's far below last trading month's daily average range of €4.02. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 163.50 and 169.55 which it has been in now for the last trading week.
Prices are trading close to a key support level at 164.30. After having been unable to move lower than 164.65 in the prior session, the market found buyers again around the same price level today at 164.60.
Although 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.
Selling could speed up should prices move below the close-by swing low at 163.50 where further sell stops might get activated. With prices trading close to this year's low at 159.70, downside momentum could accelerate should the share break out to new lows for the year.