PFV.DE dominated by bears dragging the market lower throughout the day
Pfeiffer Vacuum Technology AG (PFV.DE) Technical Analysis Report for Dec 07, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, PFV.DE ended the week -4.12% lower at 118.70 after losing €1.50 (-1.25%) today, notably underperforming the TecDAX (0.45%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 119.60, the stock confirmed its breakout through the previous session low after trading up to €2.60 below it intraday.
Daily Candlestick Chart (PFV.DE as at Dec 07, 2018):
Friday's trading range has been €6.20 (5.03%), that's far above the last trading month's daily average range of €3.65. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for PFV.DE.
Two candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern which is known as bullish pattern and one bearish pattern, the Black Candle.
After trading as low as 117.00 during the day, the share found support at the 50-day moving average at 118.44. Pfeiffer Vacuum closed below the 20-day moving average at 120.16 for the first time since November 2nd. When this moving average was crossed below the last time on October 5th, PFV.DE lost -2.56% on the following trading day. After having been unable to move above 123.30 in the prior session, the market ran into sellers again around the same price level today, missing to move higher than 123.20.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 115.90 where further sell stops could get triggered.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 50" stand out. Its common bullish interpretation has been confirmed for Pfeiffer Vacuum. Out of 38 times, PFV.DE closed higher 63.16% 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 six trading days, showing a win rate of 50.00% with an average market move of 0.58%.