BTI closes higher for the 4th day in a row
British American Tobacco Industries p.l.c. ADR (BTI) Technical Analysis Report for Jun 11, 2019 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, BTI finished Tuesday at 38.90 gaining $0.58 (1.51%), significantly outperforming the S&P 500 (-0.03%). Today's close at 38.90 marks the highest recorded closing price since April 30th. Trading up to $0.32 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (BTI as at Jun 11, 2019):
Tuesday's trading range has been $0.71 (1.84%), that's far above the last trading month's daily average range of $0.48. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BTI.
The share managed to close above the 50-day moving average at 38.44 for the first time since April 23rd. When this moving average was crossed above the last time on January 29th, BTI gained 3.84% on the following trading day.
British American shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for British American. Out of 79 times, BTI closed higher 63.29% 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 56.96% with an average market move of 0.68%.