TKA.DE dominated by bears dragging the market lower throughout the day


ThyssenKrupp AG (TKA.DE) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
TKA.DE dominated by bears dragging the market lower throughout the day
TKA.DE breaks below 50-day moving average
TKA.DE ends the day on a bearish note closing near the low of the day
TKA.DE finds buyers again around 22.18
TKA.DE closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 62% Bearish
Technical Forecast:
Overview

TKA.DE finished Monday at 22.18 losing €0.16 (-0.72%) on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for TKA.DE
Volatility

Monday's trading range was €0.35 (1.56%), that's below last trading month's daily average range of €0.45. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Price Action

Even with a strong opening the market closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to the key resistance level at 22.41. After having been unable to move lower than 22.17 in the previous session, the share found buyers again around the same price level today at 22.18.

Trend

The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. ThyssenKrupp broke below the 50-day moving average at 22.19 today for the first time since February 6th.

Order Flow

Selling could speed up should prices move below the close-by swing low at 21.72 where further sell stops might get triggered.

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for ThyssenKrupp AG
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Bearish Outside Bar TQ Pro Members Only
Black Candle TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
High close to previous High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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