TKA.DE closes above its opening price after recovering from early selling pressure
TKA.DE finished Thursday at 23.69 losing €0.09 (-0.38%). Trading up to €0.39 lower after the open, ThyssenKrupp managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was €0.55 (2.33%), that's slightly below last trading month's daily average range of €0.61. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 23.12 and 23.90 which it has been in now for the last trading week.
After trading as low as 23.23 during the day, the share bounced off the key support level at 23.26. The failure to close below the support could increase that levels importance as support going forward. Unable to break through the key technical resistance level at 23.71, the market closed below it after spiking as high as 23.78 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. The stock was bought again around 23.23 after having seen lows at 23.30, 23.26 and 23.29 in the last three trading sessions. Obviously there is something going on at that level. After trading as low as 23.23 during the day, TKA.DE found support at the 200-day moving average at 23.37.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the nearby swing high at 23.90 where further buy stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
Market Conditions for ThyssenKrupp AG
|Bearish Break through SMA 50||TQ Pro Members Only|
|Bearish Break through SMA 100||TQ Pro Members Only|
|4 Consecutive Lower Closes||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
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