TUI.L closes within previous day's range
TUI AG (TUI.L) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, TUI.L ended the week 1.64% higher at 1178.00 after losing £18.50 (-1.55%) today, strongly underperforming the FTSE 100 (-0.36%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (TUI.L as at Jan 11, 2019):
Friday's trading range has been £40.50 (3.36%), that's above the last trading month's daily average range of £34.12. Things look different on the weekly timeframe, where the market's trading range of the last week has been way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for TUI.L.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on January 3rd, TUI.L actually gained 3.11% on the following trading day.
After having been unable to move lower than 1175.00 in the previous session, the share found buyers again around the same price level today at 1170.50.
Although TUI is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. Its common bearish interpretation has been confirmed for TUI. Out of 244 times, TUI.L closed lower 51.23% 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 two trading days, showing a win rate of 51.23% with an average market move of -0.05%.