SZG.DE dominated by bulls lifting the market higher throughout the day
Salzgitter AG (SZG.DE) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
SZG.DE ended Wednesday at 24.55 gaining €0.90 (3.81%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 23.91, the share confirmed its breakout through the prior session high after trading up to €0.87 above it intraday.
Daily Candlestick Chart (SZG.DE as at Feb 13, 2019):
Wednesday's trading range has been €1.18 (4.99%), that's slightly above the last trading month's daily average range of €0.99. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for SZG.DE. Prices continued to consolidate within a tight trading range between 23.37 and 25.05 where it has been caught now for the whole last trading week.
Regardless of a weak opening the stock managed to close above the previous day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on January 31st, SZG.DE gained 1.75% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 25.08 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 25.05 where further buy stops might get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Salzgitter AG. Out of 287 times, SZG.DE closed higher 51.92% of the time on the next trading day after the market condition occurred.