BLL closes higher for the 2nd day in a row
Ball Corporation (BLL) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BLL finished the week 0.39% higher at 77.22 after edging higher $0.05 (0.06%) today on low volume, slightly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (BLL as at Feb 14, 2020):
Friday's trading range has been $0.85 (1.1%), that's below the last trading month's daily average range of $1.98. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for BLL. Prices continued to consolidate within a tight trading range between 75.51 and 77.96 where it has been caught now for the whole last trading week.
Three candlestick patterns are matching today's price action, the Northern Doji and the Shooting Star which are both known as bearish patterns and one neutral pattern, the Doji.
Unable to break through the key technical resistance level at 77.86 (R1), Ball closed below it after spiking up to 77.96 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. When prices bounced off a significant resistance level the last time on Tuesday, BLL lost -1.43% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 75.51 where further sell stops might get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Ball. Out of 485 times, BLL closed higher 54.43% 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 60.62% with an average market move of 0.95%.