ARE pushes through Monday's high
Alexandria Real Estate Equities Inc. (ARE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
ARE finished the month 5.55% higher at 162.25 after edging higher $0.62 (0.38%) today, significantly underperforming the S&P 500 (1.54%). Trading up to $0.81 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 162.21, the stock confirmed its breakout through the previous session high after trading up to $1.11 above it intraday.
Daily Candlestick Chart (ARE as at Jun 30, 2020):
Tuesday's trading range has been $2.16 (1.33%), that's far below the last trading month's daily average range of $5.01. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ARE.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on June 18th, ARE actually lost -2.58% on the following trading day.
Alexandria Real shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling might speed up should prices move below the close-by swing low at 159.18 where further sell stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for Alexandria Real. Out of 221 times, ARE closed higher 55.20% 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 61.09% with an average market move of 0.76%.