SIE.DE finds buyers at key support level
Siemens Aktiengesellschaft (SIE.DE) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, SIE.DE ended Thursday at 117.56 gaining €0.58 (0.5%). Today's closing price of 117.56 marks the highest close since January 31st. Closing above Wednesday's high at 117.42, the market confirms its breakout through the previous session's high having traded €0.24 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (SIE.DE as at May 17, 2018):
Thursday's trading range was €1.28 (1.1%), that's slightly below last trading month's daily average range of €1.42. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way above average.
After trading as low as 116.38 during the day, the share bounced off the key support level at 116.54. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move lower than 116.38 in the prior session, Siemens found buyers again around the same price level today at 116.38.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.