RWE.DE pushes through 50-day moving average
RWE.DE finished Thursday at 20.16 gaining €0.19 (0.95%). Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.
Thursday's trading range was €0.36 (1.8%), that's slightly below last trading month's daily average range of €0.45. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
After moving lower in the prior session, the stock managed to close higher but below the previous day's open, forming a bullish Harami Candle.
Unable to break through the key technical resistance level at 20.18, the share closed below it after spiking as high as 20.33 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 19.91 in the prior session, the market found buyers again around the same price level today at 19.97.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. RWE managed to break above the 50-day moving average at 20.07 today for the first time since March 5th.
Buying could accelerate should prices move above the nearby swing high at 20.38 where further buy stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.
Market Conditions for RWE AG
|Bearish Outside Bar||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Black Candle||TQ Pro Members Only|
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