OSR.DE soars, gaining €5.01 (14.32%) within a single day on high volume
Osram (OSR.DE) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, OSR.DE finished Wednesday at 40.00 surging €5.01 (14.32%) on high volume. This is the biggest single-day gain in over two months. Today's close at 40.00 marks the highest recorded closing price since December 5, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 35.26, the market confirmed its breakout through the previous session high after trading up to €4.94 above it intraday.
Daily Candlestick Chart (OSR.DE as at Feb 13, 2019):
Wednesday's trading range has been €5.21 (14.82%), that's far above the last trading month's daily average range of €1.45. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for OSR.DE.
One bullish candlestick pattern matches today's price action, the White Candle.
Osram managed to close above the 200-day moving average at 39.30 for the first time since February 7, 2018. When this moving average was crossed above the last time on February 7, 2018, OSR.DE actually lost -4.27% on the following trading day. Prices are trading close to the key technical resistance level at 40.34 (R1).
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Trading close to December's high at 41.20 we might see further upside momentum if potential buy stops at the level get triggered.
Among the 14 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for Osram. Out of 25 times, OSR.DE closed higher 64.00% 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 76.00% with an average market move of 2.73%.