MUV2.DE dominated by bulls lifting the market higher throughout the day

Münchener Rück AG (MUV2.DE) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team


MUV2.DE pushes through key resistance level
MUV2.DE finds buyers around 180.50 for the third day in a row
MUV2.DE dominated by bulls lifting the market higher throughout the day
MUV2.DE pushes through 20-day moving average
MUV2.DE fails to close above 200-day moving average


MUV2.DE finished Thursday at 185.60 gaining €3.60 (1.98%). Today's closing price of 185.60 marks the highest close since May 28th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 182.60, the market confirms its breakout through the prior session's high having traded €3.80 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (MUV2.DE as at Jun 14, 2018):

Daily technical analysis candlestick chart for Münchener Rück AG (MUV2.DE) as at Jun 14, 2018

Thursday's trading range was €5.90 (3.26%), that's far above last trading month's daily average range of €3.29. Weekly volatility is also higher, being above the markets average with the monthly volatility being above average.

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.

Breaking through the key resistance level at 182.75 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 187.05. The stock found buyers again today around 180.50 for the third trading day in a row after having found demand at 180.95 in the previous session and at 180.75 two days ago. After spiking up to 186.40 during the day, Münchener found resistance at the 200-day moving average at 185.93.

Though the share 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. MUV2.DE managed to break above the 20-day moving average at 184.18 today for the first time since May 17th.

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