QIA.DE finds buyers at key support level
Qiagen (QIA.DE) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, QIA.DE ended the week 2.38% higher at 31.43 after edging higher €0.03 (0.1%) today, slightly outperforming the MDAX (-0.18%). Today's close at 31.43 marks the highest recorded closing price since December 4, 2018. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (QIA.DE as at Jan 11, 2019):
Friday's trading range has been €0.50 (1.59%), that's slightly below the last trading month's daily average range of €0.58. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for QIA.DE.
Four candlestick patterns are matching today's price action, the Gravestone Doji, the Northern Doji and the Shooting Star which are known as bearish patterns and one neutral pattern, the Doji. The last time a Doji showed up on January 3rd, QIA.DE gained 3.16% on the following trading day.
After trading down to 31.32 earlier during the day, Qiagen bounced off the key technical support level at 31.42 (S1). The failure to close below the support could increase that levels significance as support going forward.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Further buying might move prices higher should the market test December's nearby high at 32.32.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Gravestone Doji" stand out. Its common bearish interpretation has been confirmed for Qiagen. Out of 37 times, QIA.DE closed lower 62.16% 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 51.35% with an average market move of -1.05%.