UN01.DE dominated by bulls lifting the market higher throughout the day
Uniper SE (UN01.DE) Technical Analysis Report for Dec 07, 2018 | by Techniquant Editorial Team
UN01.DE finished the week 1.81% higher at 23.08 after gaining €0.54 (2.4%) today, notably outperforming the MDAX (0.39%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 22.99, the share confirmed its breakout through the previous session high after trading up to €0.14 above it intraday.
Daily Candlestick Chart (UN01.DE as at Dec 07, 2018):
Friday's trading range has been €0.60 (2.66%), that's slightly below the last trading month's daily average range of €0.63. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for UN01.DE.
One bullish candlestick pattern matches today's price action, the White Candle.
After trading down to 22.53 earlier during the day, the stock bounced off the key technical support level at 22.59 (S1). The failure to close below the support could increase that levels importance as support going forward. When prices bounced off a significant support level the last time on November 21st, UN01.DE actually lost -3.05% on the following trading day. After having been unable to move lower than 22.49 in the prior session, Uniper SE found buyers again around the same price level today at 22.53.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 22.49 where further sell stops could get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Uniper SE. Out of 148 times, UN01.DE closed higher 50.68% 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 65.54% with an average market move of 2.12%.