SAP.DE closes below its opening price unable to hold early session gains


SAP SE (SAP.DE) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
SAP.DE closes below its opening price unable to hold early session gains
SAP.DE finds buyers at key support level
SAP.DE closes higher for the 2nd day in a row
SAP.DE pushes through previous session high
SAP.DE rises to highest close since June 15th
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, SAP.DE ended the week 3.35% higher at 102.78 after gaining €0.90 (0.88%) today. Today's closing price of 102.78 marks the highest close since June 15th. Trading €0.52 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing above Thursday's high at 101.92, SAP confirms its breakout through the previous session's high having traded €1.46 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for SAP.DE
Volatility

Friday's trading range was €1.54 (1.5%), that's slightly below last trading month's daily average range of €1.65. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Support/Resistance

After trading as low as 101.84 during the day, the market bounced off the key support level at 102.26. The failure to close below the support might increase that levels importance as support going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

With prices trading close to this year's high at 105.28, upside momentum could speed up should the stock be able to break out to new highs for the year.

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 SAP SE
ConditionForecastDirectionWinAvgWorstBestEvents
Bounced off Technical Resistance R2 TQ Pro Members Only
Close near low of period TQ Pro Members Only
Black Candle TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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