AWI ends the day on a bullish note closing near the high of the day
Armstrong World Industries Inc (AWI) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AWI finished the month 3.41% higher at 77.96 after gaining $3.58 (4.81%) today, notably outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (AWI as at Jun 30, 2020):
Tuesday's trading range has been $3.72 (4.99%), that's above the last trading month's daily average range of $3.12. 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 slightly lower than usual for AWI.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 50-day moving average at 75.41 for the first time since June 17th. When this moving average was crossed above the last time on June 15th, AWI gained 1.95% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Armstrong World. Out of 329 times, AWI closed higher 58.36% 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 54.71% with an average market move of 0.62%.