CDAY closes within prior day's range after lackluster session
Ceridian HCM Holding Inc. (CDAY) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
CDAY finished the month 15.1% higher at 79.27 after gaining $0.99 (1.26%) today on low volume, slightly underperforming the S&P 500 (1.54%). Trading up to $0.76 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 25th, CDAY gained 0.20% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (CDAY as at Jun 30, 2020):
Tuesday's trading range has been $2.03 (2.59%), that's far below the last trading month's daily average range of $3.74. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for CDAY. Prices continued to consolidate within a tight trading range between 76.35 and 80.98 where it has been caught now for the whole last trading week.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 80.98 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 76.49 where further sell stops could get activated. With prices trading close to this year's high at 83.89, upside momentum might speed up should the market be able to break out to new highs for the year.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for Ceridian HCM. Out of 128 times, CDAY closed higher 64.06% 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 60.94% with an average market move of 1.65%.