ARE climbs to highest close ever
Alexandria Real Estate Equities Inc. (ARE) Technical Analysis Report for Feb 11, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ARE finished Tuesday at 171.65 gaining $1.08 (0.63%), slightly outperforming the S&P 500 (0.17%). Today's close at 171.65 marks the highest recorded closing price ever. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (ARE as at Feb 11, 2020):
Tuesday's trading range has been $2.12 (1.24%), that's slightly below the last trading month's daily average range of $2.17. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ARE.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 165.31.
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 Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Alexandria Real. Out of 338 times, ARE closed higher 52.07% 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 57.69% with an average market move of 0.44%.