BLL closes within prior day's range after lackluster session
Ball Corporation (BLL) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
BLL finished the month 5.96% higher at 73.63 after gaining $0.18 (0.25%) today, underperforming the S&P 500 (0.77%). Trading up to $0.57 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (BLL as at Jul 31, 2020):
Friday's trading range has been $1.15 (1.57%), that's below the last trading month's daily average range of $1.79. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BLL.
Prices are trading close to the key technical resistance level at 73.68 (R1). After having been unable to move lower than 72.56 in the prior session, Ball found buyers again around the same price level today at 72.52. The last time this happened on Wednesday, BLL actually lost -0.43% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying might move prices higher should the market test June's nearby high at 76.44.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Ball. Out of 561 times, BLL closed higher 53.30% 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 57.75% with an average market move of 0.69%.