CBRE closes higher for the 2nd day in a row
CBRE Group Inc Class A (CBRE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CBRE ended the month 2.82% higher at 45.22 after gaining $0.98 (2.22%) today on low volume, outperforming the S&P 500 (1.54%).
Daily Candlestick Chart (CBRE as at Jun 30, 2020):
Tuesday's trading range has been $1.34 (3.02%), that's below the last trading month's daily average range of $2.05. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for CBRE.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Unable to break through the key technical resistance level at 45.25 (R1), the share closed below it after spiking up to 45.49 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. When prices bounced off a significant resistance level the last time on June 8th, CBRE lost -3.89% on the following trading day.
CBRE Group shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the nearby swing high at 47.06 where further buy stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for CBRE Group. Out of 757 times, CBRE closed higher 52.58% 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 57.60% with an average market move of 0.68%.