CHKP closes within previous day's range
Check Point Software Technologies Ltd. (CHKP) Technical Analysis Report for Jul 14, 2020 | by Techniquant Editorial Team
CHKP finished Tuesday at 118.38 gaining $1.75 (1.5%), outperforming the Nasdaq 100 (0.82%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (CHKP as at Jul 14, 2020):
Tuesday's trading range has been $4.40 (3.84%), that's above the last trading month's daily average range of $2.94. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for CHKP.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on July 9th, CHKP gained 0.61% on the following trading day.
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 "White Candle" stand out. Its common bullish interpretation has been confirmed for Check Point. Out of 577 times, CHKP closed higher 51.99% 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 56.50% with an average market move of 0.44%.