ARE pops to highest close ever
Alexandria Real Estate Equities Inc. (ARE) Technical Analysis Report for Feb 12, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ARE ended Wednesday at 173.41 gaining $1.76 (1.03%), slightly outperforming the S&P 500 (0.65%). Today's close at 173.41 marks the highest recorded closing price ever. Closing above Tuesday's high at 172.60, the share confirmed its breakout through the previous session high after trading up to $1.45 above it intraday.
Daily Candlestick Chart (ARE as at Feb 12, 2020):
Wednesday's trading range has been $2.69 (1.56%), that's above the last trading month's daily average range of $2.19. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ARE.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, ARE gained 0.63% on the following trading day.
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 while could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 165.95.
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 "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Alexandria Real. Out of 176 times, ARE closed higher 52.27% 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 56.25% with an average market move of 0.35%.