ARE unable to break through key resistance level
Alexandria Real Estate Equities Inc. (ARE) Technical Analysis Report for Jan 15, 2020 | by Techniquant Editorial Team
ARE ended Wednesday at 162.29 gaining $1.83 (1.14%), outperforming the S&P 500 (0.19%). Today's close at 162.29 marks the highest recorded closing price since December 9, 2019.
Daily Candlestick Chart (ARE as at Jan 15, 2020):
Wednesday's trading range has been $2.89 (1.79%), that's above the last trading month's daily average range of $2.09. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ARE.
Prices are trading close to the key technical support level at 160.77 (S1). Unable to break through the key technical resistance level at 162.79 (R1), the market closed below it after spiking up to 163.72 earlier during the day. The failure to close above the resistance could increase that levels significance going forward.
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 Technical Indicators based market condition "RSI(2) above 80" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Alexandria Real. Out of 306 times, ARE closed higher 51.96% 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 55.23% with an average market move of 0.24%.