ASML still stuck within tight trading range
ASML Holding N.V. (ASML) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ASML ended the month 11.69% higher at 368.03 after gaining $3.22 (0.88%) today, strongly underperforming the Nasdaq 100 (1.96%). Today's close at 368.03 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 365.10, the market confirmed its breakout through the prior session high after trading up to $3.81 above it intraday.
Daily Candlestick Chart (ASML as at Jun 30, 2020):
Tuesday's trading range has been $6.72 (1.86%), that's slightly below the last trading month's daily average range of $7.77. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for ASML. Prices continued to consolidate within a tight trading range between 358.11 and 368.91 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern. The last time a Last Engulfing Top Pattern showed up on June 15th, ASML actually gained 0.58% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for ASML Holding. Out of 657 times, ASML closed higher 53.88% 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 59.97% with an average market move of 0.89%.