CLGX closes within previous day's range
CoreLogic Inc. (CLGX) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
CLGX ended Tuesday at 41.05 losing $0.15 (-0.36%) on high volume, slightly underperforming the S&P 500 (0.05%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (CLGX as at Apr 16, 2019):
Tuesday's trading range has been $0.59 (1.43%), that's slightly below the last trading month's daily average range of $0.65. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for CLGX.
After trading down to 40.88 earlier during the day, the stock bounced off the key technical support level at 40.99 (S1). The failure to close below the support might increase that levels significance as support going forward. When prices bounced off a significant support level the last time on April 12th, CLGX gained 2.51% on the following trading day.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 38.05.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for CoreLogic. Out of 364 times, CLGX closed higher 53.57% 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 53.30% with an average market move of 0.37%.