BA closes higher for the 4th day in a row
The Boeing Company (BA) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, BA ended Thursday at 180.55 gaining $21.82 (13.75%) on high volume, notably outperforming the Dow Indu. (6.38%). Closing above Wednesday's high at 174.77, the market confirmed its breakout through the previous session high after trading up to $11.71 above it intraday.
Daily Candlestick Chart (BA as at Mar 26, 2020):
Thursday's trading range has been $19.30 (11.2%), that's slightly below the last trading month's daily average range of $20.43. 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 strongly higher than usual for BA.
Although The Boeing is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the two 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 The Boeing. Out of 440 times, BA closed higher 54.55% 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 58.86% with an average market move of 0.57%.