ALLE pushes through key technical resistance level


Allegion plc (ALLE) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

ALLE pushes through key technical resistance level
ALLE dominated by bulls lifting the market higher throughout the day
ALLE closes higher for the 3rd day in a row
ALLE pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, ALLE ended Thursday at 96.78 gaining $7.33 (8.19%) on low volume, strongly 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 92.17, Allegion plc confirmed its breakout through the previous session high after trading up to $5.26 above it intraday.

Daily Candlestick Chart (ALLE as at Mar 26, 2020):

Daily technical analysis candlestick chart for Allegion plc (ALLE) as at Mar 26, 2020

Thursday's trading range has been $8.05 (9.01%), that's slightly below the last trading month's daily average range of $8.28. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for ALLE.

One bullish candlestick pattern matches today's price action, the White Candle.

Buyers managed to take out the key technical resistance level at 94.64 (now S1), which is likely to act as support going forward. The last time this happened on Tuesday, ALLE gained 5.33% on the following trading day. Prices are trading close to the key technical resistance level at 103.10 (R1).

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Allegion plc. Out of 361 times, ALLE closed higher 53.46% 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 57.89% with an average market move of 0.61%.


Market Conditions for ALLE as at Mar 26, 2020

Loading Market Conditions for ALLE (Allegion plc)...
Latest Report:

ALLE finds buyers again around 90.56

Mar 27, 2020
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