NDA.DE closes higher for the 3rd day in a row
Aurubis AG (NDA.DE) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, NDA.DE ended Wednesday at 48.54 gaining €1.24 (2.62%). Closing above Tuesday's high at 47.44, the market confirmed its breakout through the previous session high after trading up to €1.72 above it intraday.
Daily Candlestick Chart (NDA.DE as at Feb 13, 2019):
Wednesday's trading range has been €2.31 (4.91%), that's far above the last trading month's daily average range of €1.38. 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 NDA.DE.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 49.34 (R1).
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
With prices trading close to this year's high at 49.34, upside momentum might accelerate should the stock be able to break out to new highs for the year. Trading close to December's high at 49.84 we could see further upside momentum if potential buy stops at the level get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Aurubis AG. Out of 157 times, NDA.DE closed higher 55.41% 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 57.32% with an average market move of 0.42%.