A pushes through Wednesday's high
Agilent Technologies Inc. (A) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, A ended Thursday at 73.72 gaining $4.72 (6.84%), outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 71.79, Agilent Technologies confirmed its breakout through the prior session high after trading up to $2.66 above it intraday.
Daily Candlestick Chart (A as at Mar 26, 2020):
Thursday's trading range has been $4.80 (6.86%), that's slightly above the last trading month's daily average range of $4.68. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for A.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close above the 20-day moving average at 71.83 for the first time since March 4th. When this moving average was crossed above the last time on March 4th, A actually lost -4.61% on the following trading day. Unable to break through the key technical resistance level at 74.17 (R1), the market closed below it after spiking up to 74.45 earlier during the day. The failure to close above the resistance might increase that levels significance going forward.
While the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Agilent Technologies. Out of 254 times, A closed higher 53.15% 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 58.66% with an average market move of 0.71%.