PSM.DE stuck within tight trading range

ProSiebenSat.1 Media SE (PSM.DE) Technical Analysis Report for Sep 14, 2018

Highlights

PSM.DE breaks below 50-day moving average
PSM.DE fails to close above 20-day moving average
PSM.DE runs into sellers again around 22.79
PSM.DE stuck within tight trading range
PSM.DE closes within previous day's range

TQ Sentiment

Report Sentiment: 45% Bearish
Technical Forecast:

Overview

PSM.DE ended the week 2.49% higher at 22.60 after losing €0.01 (-0.04%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for PSM.DE

Volatility

Friday's trading range was €0.33 (1.45%), that's slightly below last trading month's daily average range of €0.44. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 22.32 and 22.81 which it has been in now for the last three days.

Price Action

Even with a strong opening Pro7Sat1 closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 22.32. Prices are trading close to the key resistance level at 22.81. After having been unable to move above 22.81 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 22.79. After spiking up to 22.79 during the day, the market found resistance at the 20-day moving average at 22.76.

Trend

The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. PSM.DE broke below the 50-day moving average at 22.61 today for the first time since September 4th.

Order Flow

Buying might speed up should prices move above the close-by swing high at 22.81 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 22.32 where further sell stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for ProSiebenSat.1 Media SE

Condition Forecast Direction Win Rate Exit Day Events
2 Consecutive Higher Closes TQ Pro Members Only
Bearish Bounce off SMA 20 TQ Pro Members Only
Bullish Break through SMA 50 TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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