TEG.DE closes lower for the 2nd day in a row


TAG (TEG.DE) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team

Highlights

TEG.DE closes below its opening price unable to hold early session gains
TEG.DE finds support at 20-day moving average
TEG.DE closes lower for the 2nd day in a row
TEG.DE breaks below Tuesday's low

Overview

Moving lower for the 2nd day in a row, TEG.DE ended Wednesday at 21.82 losing €0.06 (-0.27%) on low volume, underperforming the MDAX (0.61%). Trading €0.08 higher after the open, TAG was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Tuesday's low at 21.84, the market confirmed its breakout through the previous session low after trading up to €0.08 below it intraday.

Daily Candlestick Chart (TEG.DE as at Feb 13, 2019):

Daily technical analysis candlestick chart for TAG (TEG.DE) as at Feb 13, 2019

Wednesday's trading range has been €0.22 (1.0%), that's below the last trading month's daily average range of €0.29. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TEG.DE.

After trading as low as 21.76 during the day, the stock found support at the 20-day moving average at 21.79. The last time this happened on September 18, 2018, TEG.DE actually lost -1.99% on the following trading day.

While the share is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.

Buying could speed up should prices move above the close-by swing high at 22.10 where further buy stops might get activated.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for TAG. Out of 288 times, TEG.DE closed higher 51.39% 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 64.58% with an average market move of 1.61%.


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