AON closes higher for the 2nd day in a row
Aon plc Class A (AON) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AON finished the week 2.43% higher at 235.73 after gaining $1.15 (0.49%) today on low volume, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 235.73 marks the highest recorded closing price ever. Trading up to $1.15 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on February 7th, AON gained 0.41% on the following trading day. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (AON as at Feb 14, 2020):
Friday's trading range has been $2.07 (0.88%), that's below the last trading month's daily average range of $3.03. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for AON.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Aon plc. Out of 323 times, AON closed higher 57.89% 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 62.23% with an average market move of 0.80%.