BLL closes within previous day's range
Ball Corporation (BLL) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, BLL ended Wednesday at 84.67 edging higher $0.24 (0.28%), outperforming the S&P 500 (-0.46%). Today's close at 84.67 marks the highest recorded closing price ever. Trading $0.99 higher after the open, Ball was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (BLL as at Sep 16, 2020):
Wednesday's trading range has been $1.71 (2.02%), that's slightly above the last trading month's daily average range of $1.66. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BLL.
Five candlestick patterns are matching today's price action, the Gravestone Doji and the Northern Doji which are both known as bearish patterns and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man.
Unable to break through the key technical resistance level at 84.73 (R1), the stock closed below it after spiking up to 85.68 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. After having been unable to move lower than 83.75 in the prior session, the share found buyers again around the same price level today at 83.97. The last time this happened on September 1st, BLL gained 3.20% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Long-Legged Doji" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for Ball. Out of 22 times, BLL closed lower 63.64% of the time on the next trading day after the market condition occurred.