BLL dominated by bulls lifting the market higher throughout the day
Ball Corporation (BLL) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BLL ended the month -2.48% lower at 69.49 after gaining $1.10 (1.61%) today, slightly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 69.07, the market confirmed its breakout through the previous session high after trading up to $0.76 above it intraday.
Daily Candlestick Chart (BLL as at Jun 30, 2020):
Tuesday's trading range has been $1.61 (2.36%), that's below the last trading month's daily average range of $2.04. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BLL.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
Ball managed to close back above the 200-day moving average at 68.73. When this moving average was crossed above the last time on June 16th, BLL actually lost -0.83% on the following trading day. Prices are trading close to the key technical resistance level at 70.34 (R1).
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the nearby swing high at 69.85 where further buy stops might get activated. As prices are trading close to June's low at 66.25, downside momentum could speed up should the share mark new lows for the month.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for Ball. Out of 65 times, BLL closed higher 50.77% 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 63.08% with an average market move of 1.22%.