DJT closes within prior day's range after lackluster session
Dow Jones Transportation Average Index (DJT) Technical Analysis Report for Apr 18, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, DJT ended Thursday at 10988.22 gaining $52.62 (0.48%) ahead of tomorrow's Good Friday market holiday. Today's close at 10988.22 marks the highest recorded closing price since October 9, 2018. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (DJT as at Apr 18, 2019):
Thursday's trading range has been $89.75 (0.82%), that's below the last trading month's daily average range of $118.54. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for DJT.
Two candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and one neutral pattern, the Doji. The last time a Doji showed up on April 3rd, DJT gained 0.43% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Doji" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Dow Trans.. Out of 126 times, DJT closed higher 60.32% 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 56.35% with an average market move of 0.44%.