SAP.DE climbs to highest close since October 17, 2018
SAP SE (SAP.DE) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, SAP.DE ended the week 3.92% higher at 99.35 after surging €2.35 (2.42%) today on high volume, strongly outperforming the DAX (0.85%). This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on Wednesday, SAP.DE gained 0.62% on the following trading day. Today's close at 99.35 marks the highest recorded closing price since October 17, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (SAP.DE as at Mar 15, 2019):
Friday's trading range has been €2.30 (2.36%), that's far above the last trading month's daily average range of €1.15. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for SAP.DE.
One bullish candlestick pattern matches today's price action, the White Candle.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 95.28.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. Its common bullish interpretation has been confirmed for SAP. Out of 109 times, SAP.DE closed higher 63.30% 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 62.39% with an average market move of 0.60%.