MTX.DE finds buyers again around 180.90
MTU (MTX.DE) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
MTX.DE finished the week 0.38% higher at 182.60 after edging lower €0.10 (-0.05%) today on low volume, but still outperforming the MDAX (-0.64%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (MTX.DE as at Nov 09, 2018):
Friday's trading range has been €2.50 (1.38%), that's far below the last trading month's daily average range of €5.54. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for MTX.DE. Prices continued to consolidate within a tight trading range between 177.90 and 184.20 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Prices are trading close to the key technical resistance level at 183.90 (R1). After having been unable to move lower than 181.50 in the previous session, the share found buyers again around the same price level today at 180.90. The last time this happened on Tuesday, MTX.DE gained 1.79% on the following trading day.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Buying could speed up should prices move above the nearby swing high at 184.20 where further buy stops might get triggered. Selling could accelerate should prices move below the close-by swing low at 177.90 where further sell stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for MTU. Out of 592 times, MTX.DE closed higher 53.21% 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 57.94% with an average market move of 0.69%.