CBRE pushes through Thursday's high
CBRE Group Inc Class A (CBRE) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
CBRE ended the week 1.1% higher at 50.64 after gaining $0.53 (1.06%) today, outperforming the S&P 500 (0.5%). Today's close at 50.64 marks the highest recorded closing price since February 22nd. Closing above Thursday's high at 50.33, the market confirmed its breakout through the previous session high after trading up to $0.43 above it intraday.
Daily Candlestick Chart (CBRE as at Mar 15, 2019):
Friday's trading range has been $0.59 (1.17%), that's below the last trading month's daily average range of $0.75. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for CBRE. Prices continued to consolidate within a tight trading range between 49.69 and 50.76 where it has been caught now for the whole last trading week.
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. The last time a White Candle showed up on March 8th, CBRE gained 0.96% on the following trading day.
Prices are trading close to the key technical resistance level at 50.93 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 51.35, upside momentum might speed up should CBRE Group be able to break out to new highs for the year. As prices are trading close to March's high at 50.93, upside momentum could accelerate should the share mark new highs for the month.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for CBRE Group. Out of 458 times, CBRE closed higher 50.00% 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 60.92% with an average market move of 1.50%.