O1BC.DE pushes through key technical resistance level
Xing SE (O1BC.DE) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, O1BC.DE ended the week -3.83% lower at 264.00 after gaining €5.00 (1.93%) today, significantly outperforming the TecDAX (-0.19%). Trading up to €7.00 lower after the open, Xing SE managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 263.00, the stock confirmed its breakout through the previous session high after trading up to €4.00 above it intraday.
Daily Candlestick Chart (O1BC.DE as at Nov 09, 2018):
Friday's trading range has been €13.50 (5.18%), that's far above the last trading month's daily average range of €9.18. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for O1BC.DE.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
Buyers managed to take out the key technical resistance level at 263.00 (now S1), which is likely to act as support going forward. The last time this happened on November 2nd, O1BC.DE actually lost -4.19% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 273.00 where further buy stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Xing SE. Out of 281 times, O1BC.DE closed higher 50.89% 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 55.52% with an average market move of 0.92%.