ASML closes higher for the 6th day in a row
ASML Holding N.V. (ASML) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, ASML finished Thursday at 275.90 gaining $13.83 (5.28%) on low volume, slightly underperforming the Nasdaq 100 (5.72%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 272.34, the stock confirmed its breakout through the prior session high after trading up to $4.80 above it intraday.
Daily Candlestick Chart (ASML as at Mar 26, 2020):
Thursday's trading range has been $15.52 (5.9%), that's slightly below the last trading month's daily average range of $16.86. 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 significantly higher than usual for ASML.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 263.86 (now S1), which is likely to act as support going forward. The last time this happened on March 4th, ASML actually lost -4.43% on the following trading day. Prices are trading close to the key technical resistance level at 280.35 (R1).
ASML Holding shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for ASML Holding. Out of 307 times, ASML closed higher 55.05% 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 58.96% with an average market move of 0.89%.