A still stuck within tight trading range
Agilent Technologies Inc. (A) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
A ended the month 9.01% higher at 96.33 after gaining $0.40 (0.42%) today, slightly underperforming the S&P 500 (0.77%). Trading up to $1.22 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (A as at Jul 31, 2020):
Friday's trading range has been $1.69 (1.76%), that's slightly below the last trading month's daily average range of $1.77. Weekly volatility is also lower, being slightly 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 94.72 and 97.66 where it has been caught now for the whole last trading week.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.
Prices are trading close to the key technical resistance level at 97.66 (R1). After having been unable to move lower than 94.97 in the previous session, the stock found buyers again around the same price level today at 94.72. The last time this happened on Tuesday, A gained 1.89% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 97.66 where further buy stops could get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Agilent Technologies. Out of 519 times, A closed higher 56.26% 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 61.08% with an average market move of 0.97%.