BILI rallies 5.52% closing $2.28 higher
Bilibili Inc. (BILI) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
BILI ended the month -5.92% lower at 43.58 after surging $2.28 (5.52%) today, notably outperforming the S&P 500 (0.77%). This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on June 19th, BILI actually lost -4.09% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 42.12, the share confirmed its breakout through the previous session high after trading up to $1.53 above it intraday.
Daily Candlestick Chart (BILI as at Jul 31, 2020):
Friday's trading range has been $2.20 (5.26%), that's slightly below the last trading month's daily average range of $2.58. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BILI.
One bullish candlestick pattern matches today's price action, the White Candle.
Bilibili managed to close above the 20-day moving average at 43.43 for the first time since July 13th.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight 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 Bilibili. Out of 104 times, BILI closed higher 57.69% 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 62.50% with an average market move of 3.41%.