MTX.DE pops to highest close since December 5, 2018
MTU (MTX.DE) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
MTX.DE finished the week 5.88% higher at 171.10 after gaining €2.10 (1.24%) today, significantly outperforming the MDAX (-0.18%). Today's close at 171.10 marks the highest recorded closing price since December 5, 2018. Closing above Thursday's high at 169.70, MTU confirmed its breakout through the prior session high after trading up to €2.00 above it intraday.
Daily Candlestick Chart (MTX.DE as at Jan 11, 2019):
Friday's trading range has been €2.60 (1.53%), that's far below the last trading month's daily average range of €4.18. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for MTX.DE.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on November 23, 2018, MTX.DE actually lost -1.34% on the following trading day.
The share managed to close back above the 200-day moving average at 169.49.
While the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the four 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 53.55% 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 57.26% with an average market move of 0.60%.