NDX1.DE tanks -3.84% closing €0.49 lower
Nordex SE (NDX1.DE) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
NDX1.DE finished the week 4.97% higher at 12.26 after tanking €0.49 (-3.84%) today, notably underperforming the TecDAX (0.55%). This is the biggest single-day loss in over four months. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 12.64, the stock confirmed its breakout through the prior session low after trading up to €0.38 below it intraday.
Daily Candlestick Chart (NDX1.DE as at Mar 15, 2019):
Friday's trading range has been €0.54 (4.24%), that's far above the last trading month's daily average range of €0.35. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for NDX1.DE.
Regardless of a strong opening the share closed below the previous day's open and close, forming a bearish Engulfing Candle. Additionally, three candlestick patterns are matching today's price action, the Tweezer Top which is known as bullish pattern and two bearish patterns, the Bearish Closing Marubozu and the Black Candle. The last time a Black Candle showed up on February 19th, NDX1.DE lost -1.50% on the following trading day.
After having been unable to move above 12.80 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 12.80.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Closing Marubozu" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Nordex SE. Out of 38 times, NDX1.DE closed higher 60.53% 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 60.53% with an average market move of 1.95%.