NEM.DE closes below its opening price unable to hold early session gains


Nemetschek (NEM.DE) Technical Analysis Report for Dec 07, 2018 | by Techniquant Editorial Team

Highlights

NEM.DE closes below its opening price unable to hold early session gains
NEM.DE closes lower for the 4th day in a row
NEM.DE closes within previous day's range

Overview

Moving lower for the 4th day in a row, NEM.DE finished the week -6.54% lower at 100.10 after edging lower €0.10 (-0.1%) today, slightly underperforming the MDAX (0.39%). Trading €3.20 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on November 29th, NEM.DE actually gained 0.09% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (NEM.DE as at Dec 07, 2018):

Daily technical analysis candlestick chart for Nemetschek (NEM.DE) as at Dec 07, 2018

Friday's trading range has been €4.75 (4.69%), that's slightly above the last trading month's daily average range of €4.67. 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 NEM.DE.

Prices are trading close to the key technical support level at 98.30 (S1).

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Selling could accelerate should prices move below the nearby swing low at 97.90 where further sell stops might get triggered. Further selling could move prices lower should the market test November's close-by low at 93.80.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Lower Closes" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Nemetschek. Out of 52 times, NEM.DE closed higher 50.00% 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 69.23% with an average market move of 2.70%.


Market Conditions for NEM.DE as at Dec 07, 2018

Loading Market Conditions for NEM.DE (Nemetschek)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Nemetschek traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!