AVB closes higher for the 3rd day in a row
AvalonBay Communities Inc. (AVB) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, AVB finished Thursday at 151.06 gaining $10.28 (7.3%), notably outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 149.27, the stock confirmed its breakout through the previous session high after trading up to $2.65 above it intraday.
Daily Candlestick Chart (AVB as at Mar 26, 2020):
Thursday's trading range has been $13.58 (9.65%), that's slightly above the last trading month's daily average range of $13.22. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for AVB.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for AvalonBay Communities. Out of 297 times, AVB closed higher 55.89% 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 56.23% with an average market move of 0.02%.