AJG pops to highest close ever
Arthur J. Gallagher & Co. (AJG) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
Moving higher for the 7th day in a row, AJG finished the week 4.53% higher at 78.05 after gaining $0.28 (0.36%) today, notably outperforming the S&P 500 (-0.92%). Today's close at 78.05 marks the highest recorded closing price ever.
Daily Candlestick Chart (AJG as at Nov 09, 2018):
Friday's trading range has been $0.79 (1.02%), that's far below the last trading month's daily average range of $1.39. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for AJG.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 73.90.
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 Price Action based market condition "7 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Arthur J.. Out of 13 times, AJG closed higher 53.85% 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 61.54% with an average market move of 0.77%.