BLL rallies 11.67% closing $6.54 higher
Ball Corporation (BLL) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
BLL finished Thursday at 62.56 surging $6.54 (11.67%), significantly outperforming the S&P 500 (6.24%). This is the biggest single-day gain ever recorded for the share. The last time we've seen such an unusually strong single-day gain on Tuesday, BLL actually lost -3.78% on the following trading day. Trading up to $1.80 lower after the open, Ball managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 59.89, the stock confirmed its breakout through the prior session high after trading up to $3.48 above it intraday.
Daily Candlestick Chart (BLL as at Mar 26, 2020):
Thursday's trading range has been $5.37 (8.98%), that's slightly above the last trading month's daily average range of $4.92. 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 strongly higher than usual for BLL.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 65.26 (R1).
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 OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Ball. Out of 594 times, BLL closed higher 52.36% 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 55.89% with an average market move of 0.58%.