ARE dominated by bulls lifting the market higher throughout the day
Alexandria Real Estate Equities Inc. (ARE) Technical Analysis Report for Feb 10, 2020 | by Techniquant Editorial Team
ARE ended Monday at 170.57 surging $3.02 (1.8%), notably outperforming the S&P 500 (0.73%). This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on December 18, 2019, ARE gained 1.06% on the following trading day. Today's close at 170.57 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 168.42, Alexandria Real confirmed its breakout through the previous session high after trading up to $2.15 above it intraday.
Daily Candlestick Chart (ARE as at Feb 10, 2020):
Monday's trading range has been $2.40 (1.43%), that's slightly above the last trading month's daily average range of $2.15. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ARE.
Two candlestick patterns are matching today's price action, the Bullish Closing Marubozu and the White Candle which are both known as bullish patterns.
Crossing above the upper Bollinger Band for the first time since January 21st, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 164.76 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Closing Marubozu" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Alexandria Real. Out of 13 times, ARE closed lower 61.54% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 61.54% with an average market move of -0.28%.