AJG dominated by bulls lifting the market higher throughout the day
Arthur J. Gallagher & Co. (AJG) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AJG ended the week 4.03% higher at 109.16 after gaining $0.96 (0.89%) today, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 109.16 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 108.25, the market confirmed its breakout through the prior session high after trading up to $0.94 above it intraday.
Daily Candlestick Chart (AJG as at Feb 14, 2020):
Friday's trading range has been $1.14 (1.05%), that's slightly below the last trading month's daily average range of $1.43. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for AJG.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Its common bullish interpretation has been confirmed for Arthur J.. Out of 720 times, AJG closed higher 54.58% 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 62.08% with an average market move of 0.75%.