AVB dominated by bulls lifting the market higher throughout the day
AvalonBay Communities Inc. (AVB) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
AVB finished the week -0.46% lower at 208.09 after gaining $1.00 (0.48%) today, outperforming the S&P 500 (-0.16%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 207.59, the market confirmed its breakout through the previous session high after trading up to $0.70 above it intraday.
Daily Candlestick Chart (AVB as at Jun 14, 2019):
Friday's trading range has been $1.64 (0.79%), that's below the last trading month's daily average range of $2.74. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AVB.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on June 5th, AVB gained 0.47% on the following trading day.
Prices are trading close to the key technical support level at 206.59 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 210.57 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 205.91 where further sell stops could get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for AvalonBay Communities. Out of 641 times, AVB closed higher 53.82% 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 60.37% with an average market move of 0.76%.