CBRE closes higher for the 3rd day in a row
CBRE Group Inc Class A (CBRE) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CBRE ended Thursday at 40.65 gaining $4.85 (13.55%), strongly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 37.33, CBRE Group confirmed its breakout through the previous session high after trading up to $3.67 above it intraday.
Daily Candlestick Chart (CBRE as at Mar 26, 2020):
Thursday's trading range has been $5.24 (14.43%), that's above the last trading month's daily average range of $3.98. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for CBRE.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 41.03 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 41.03 where further buy stops might get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for CBRE Group. Out of 763 times, CBRE closed higher 53.21% 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 57.54% with an average market move of 0.72%.