CBRE climbs to highest close since June 10th
CBRE Group Inc Class A (CBRE) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CBRE ended Wednesday at 49.99 gaining $0.36 (0.73%), significantly outperforming the S&P 500 (-0.46%). Today's close at 49.99 marks the highest recorded closing price since June 10th. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (CBRE as at Sep 16, 2020):
Wednesday's trading range has been $1.56 (3.13%), that's above the last trading month's daily average range of $1.34. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CBRE.
Three candlestick patterns are matching today's price action, the Gravestone Doji and the Northern Doji which are both known as bearish patterns and one neutral pattern, the Doji. The last time a Gravestone Doji showed up on August 12th, CBRE lost -2.64% on the following trading day.
Prices are trading close to the key technical support level at 49.07 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Gravestone Doji" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for CBRE Group. Out of 37 times, CBRE closed higher 54.05% 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 62.16% with an average market move of 1.02%.