TC1.DE closes below its opening price unable to hold early session gains
Tele Columbus (TC1.DE) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
TC1.DE finished the week -1.09% lower at 1.82 after edging lower €0.01 (-0.55%) today on high volume, strongly underperforming the SDAX (0.65%). Trading €0.08 higher after the open, Tele Columbus was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on March 5th, TC1.DE lost -1.02% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (TC1.DE as at Mar 15, 2019):
Friday's trading range has been €0.10 (5.46%), that's slightly below the last trading month's daily average range of €0.11. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for TC1.DE.
Prices are trading close to the key technical support level at 1.74 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Down Close Near Low of Period" stand out. Its common bearish interpretation has been confirmed for Tele Columbus. Out of 227 times, TC1.DE closed lower 48.02% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 54.63% with an average market move of -1.61%.