TKA.DE closes above its opening price after recovering from early selling pressure

ThyssenKrupp AG (TKA.DE) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team


Traders officially love to buy TKA.DE around 23.23 level
TKA.DE closes above its opening price after recovering from early selling pressure
TKA.DE finds buyers at key support level
TKA.DE unable to break through key resistance level
TKA.DE finds support at 200-day moving average


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.

Daily Candlestick Chart (TKA.DE as at Jun 14, 2018):

Daily technical analysis candlestick chart for ThyssenKrupp AG (TKA.DE) as at Jun 14, 2018

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.

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