CLGX finds buyers at key support level
CoreLogic Inc. (CLGX) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CLGX finished the week 3.74% higher at 50.19 after surging $1.04 (2.12%) today, strongly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. This is the biggest single-day gain in over five months. The last time we've seen such an unusually strong single-day gain on January 10th, CLGX gained 1.03% on the following trading day. Today's close at 50.19 marks the highest recorded closing price since September 24, 2018. Trading up to $0.45 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (CLGX as at Feb 14, 2020):
Friday's trading range has been $1.25 (2.53%), that's far above the last trading month's daily average range of $0.77. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CLGX.
One bullish candlestick pattern matches today's price action, the White Candle.
After trading down to 48.95 earlier during the day, the share bounced off the key technical support level at 49.22 (S1). The failure to close below the support could increase that levels significance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine 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 CoreLogic. Out of 561 times, CLGX closed higher 57.93% 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 58.11% with an average market move of 1.01%.