BURL pops to highest close since May 6th
Burlington Stores Inc. (BURL) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BURL finished the week 3.25% higher at 168.69 after gaining $1.12 (0.67%) today, outperforming the S&P 500 (-0.16%). Today's close at 168.69 marks the highest recorded closing price since May 6th. Closing above Thursday's high at 168.58, the market confirmed its breakout through the previous session high after trading up to $0.48 above it intraday.
Daily Candlestick Chart (BURL as at Jun 14, 2019):
Friday's trading range has been $1.76 (1.05%), that's far below the last trading month's daily average range of $4.58. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BURL.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Prices are trading close to the key technical support level at 167.29 (S1). After having been unable to move above 168.58 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 169.06. The last time this happened on June 6th, BURL actually gained 1.87% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 164.30 where further sell stops could get triggered. Further buying might move prices higher should the market test May's close-by high at 174.89.
Among the six 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 Burlington Stores. Out of 296 times, BURL closed higher 53.04% 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 60.81% with an average market move of 1.23%.