VNA.DE closes lower for the 2nd day in a row
Vonovia SE (VNA.DE) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, VNA.DE finished Wednesday at 43.87 losing €0.12 (-0.27%) on low volume, underperforming the DAX (0.37%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Tuesday's low at 43.98, the share confirmed its breakout through the previous session low after trading up to €0.15 below it intraday.
Daily Candlestick Chart (VNA.DE as at Feb 13, 2019):
Wednesday's trading range has been €0.38 (0.86%), that's far below the last trading month's daily average range of €0.59. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for VNA.DE.
Two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Bearish Short Candle showed up on December 28, 2018, VNA.DE actually gained 0.76% on the following trading day.
Prices are trading close to the key technical resistance level at 44.16 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 43.52 where further sell stops could get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Vonovia. Out of 45 times, VNA.DE closed higher 64.44% 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 60.00% with an average market move of 1.30%.