MOR.DE closes within previous day's range
MorphoSys (MOR.DE) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, MOR.DE ended Wednesday at 97.05 gaining €1.05 (1.09%), slightly outperforming the MDAX (0.61%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (MOR.DE as at Feb 13, 2019):
Wednesday's trading range has been €3.10 (3.21%), that's slightly above the last trading month's daily average range of €2.74. 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 MOR.DE.
One bearish candlestick pattern matches today's price action, the Shooting Star.
After trading down to 96.15 earlier during the day, MorphoSys bounced off the key technical support level at 96.50 (S1). The failure to close below the support might increase that levels significance as support going forward. After spiking up to 99.25 during the day, the market found resistance at the 50-day moving average at 97.45. The last time this happened on April 9, 2018, MOR.DE actually gained 2.79% on the following trading day.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for MorphoSys. Out of 437 times, MOR.DE closed higher 54.46% 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 59.95% with an average market move of 2.03%.