RRTL.DE closes above its opening price after recovering from early selling pressure
RTL Group (RRTL.DE) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
RRTL.DE ended the week -6.79% lower at 52.15 after gaining €0.15 (0.29%) today, outperforming the MDAX (-0.64%). Trading up to €0.95 lower after the open, RTL Group managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on October 30th, RRTL.DE gained 3.00% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (RRTL.DE as at Nov 09, 2018):
Friday's trading range has been €1.65 (3.2%), that's slightly above the last trading month's daily average range of €1.65. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for RRTL.DE.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 57.06.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week Low" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for RTL Group. Out of 38 times, RRTL.DE closed higher 55.26% 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 55.26% with an average market move of 1.77%.