AGCO dominated by bulls lifting the market higher throughout the day
AGCO Corporation (AGCO) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AGCO ended the month 0.42% higher at 55.46 after gaining $0.96 (1.76%) today on high volume, slightly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 55.15, the market confirmed its breakout through the previous session high after trading up to $0.62 above it intraday.
Daily Candlestick Chart (AGCO as at Jun 30, 2020):
Tuesday's trading range has been $2.12 (3.92%), that's slightly above the last trading month's daily average range of $2.10. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for AGCO.
One bullish candlestick pattern matches today's price action, the White Candle.
After trading down to 53.65 earlier during the day, the share bounced off the key technical support level at 53.96 (S1). The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 53.49 in the prior session, the stock found buyers again around the same price level today at 53.65. The last time this happened on June 22nd, AGCO gained 0.74% on the following trading day.
AGCO shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for AGCO. Out of 418 times, AGCO closed higher 59.57% 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 52.15% with an average market move of 0.34%.