XLK rises to highest close ever
Technology Select Sector SPDR ETF (XLK) Technical Analysis Report for Nov 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XLK ended Monday at 86.16 edging higher $0.04 (0.05%) on low volume. Today's close at 86.16 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 86.12, the market confirmed its breakout through the prior session high after trading up to $0.16 above it intraday.
Daily Candlestick Chart (XLK as at Nov 11, 2019):
Monday's trading range has been $0.76 (0.89%), that's slightly below the last trading month's daily average range of $0.82. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for XLK.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on November 8th, XLK gained 0.05% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for XLK. Out of 178 times, XLK closed higher 57.87% 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 64.61% with an average market move of 0.66%.