SIE.DE unable to break through key resistance level
SIE.DE finished Monday at 104.20 losing €0.66 (-0.63%). Closing below Friday's low at 104.70, the market confirms its breakout through the prior session's low having traded €0.66 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Monday's trading range was €1.12 (1.07%), that's far below last trading month's daily average range of €1.81. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.
Unable to break through the key technical resistance level at 105.10, Siemens closed below it after spiking as high as 105.16 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
Though the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Buying could accelerate should prices move above the nearby swing high at 106.00 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 103.28 where further sell stops might get triggered.
While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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|Bounced off Technical Resistance R1||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
|Down Close Near Low of Period||TQ Pro Members Only|
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