A closes higher for the 5th day in a row
Agilent Technologies Inc. (A) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, A ended the week 3.19% higher at 85.82 after gaining $0.35 (0.41%) today, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading up to $0.60 lower after the open, Agilent Technologies managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (A as at Feb 14, 2020):
Friday's trading range has been $0.73 (0.85%), that's far below the last trading month's daily average range of $1.21. 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 A. Prices continued to consolidate within a tight trading range between 84.66 and 86.06 where it has been caught now for the last three trading days.
One bearish candlestick pattern matches today's price action, the Hanging Man.
Prices are trading close to the key technical support level at 84.97 (S1). After having been unable to move above 85.68 in the previous session, the stock ran into sellers again around the same price level today, missing to move higher than 85.85. The last time this happened on Monday, A actually gained 0.78% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 86.06 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 84.66 where further sell stops could get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Agilent Technologies. Out of 640 times, A closed higher 55.63% 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 60.63% with an average market move of 1.35%.