APD climbs to highest close since February 24th
Air Products and Chemicals Inc. (APD) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, APD finished Monday at 242.60 gaining $0.95 (0.39%) on low volume, slightly outperforming the S&P 500 (0.38%). Today's close at 242.60 marks the highest recorded closing price since February 24th. Trading up to $2.68 lower after the open, Air Products managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (APD as at Jun 01, 2020):
Monday's trading range has been $5.17 (2.14%), that's slightly above the last trading month's daily average range of $5.02. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for APD.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. The last time this happened on April 2nd, APD actually lost -4.06% on the following trading day. Additionally, two candlestick patterns are matching today's price action, the Bullish High-Wave Candle and the Bullish Spinning Top which are both known as bullish patterns.
After having been unable to move lower than 239.55 in the previous session, the market found buyers again around the same price level today at 239.43.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 257.01, upside momentum might accelerate should the stock be able to break out to new highs for the year.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish High-Wave Candle" stand out. Its common bullish interpretation has been confirmed for Air Products. Out of 30 times, APD closed higher 53.33% 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 76.67% with an average market move of 2.02%.