PUM.DE closes within previous day's range after lackluster session
Puma SE (PUM.DE) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
PUM.DE ended the week 5.32% higher at 515.00 after losing €3.00 (-0.58%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (PUM.DE as at Mar 15, 2019):
Friday's trading range has been €8.00 (1.55%), that's below the last trading month's daily average range of €12.70. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PUM.DE.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving higher in the prior session, Puma SE closed lower but above the previous day's open today, forming a bearish Harami Candle.
After trading down to 509.00 earlier during the day, the share bounced off the key technical support level at 510.00 (S1). The failure to close below the support could increase that levels importance as support going forward. When prices bounced off a significant support level the last time on Wednesday, PUM.DE gained 3.19% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 519.00 where further buy stops could get triggered. 2018's high at 539.00 is within reach and we might see further upside momentum should the market manage to break out beyond.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Harami Candle" stand out. Its common bearish interpretation has been confirmed for Puma SE. Out of 44 times, PUM.DE closed lower 52.27% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 56.82% with an average market move of -0.21%.