COHR closes higher for the 6th day in a row
Coherent Inc. (COHR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, COHR ended Thursday at 113.28 gaining $6.93 (6.52%) on low volume, slightly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 111.03, the market confirmed its breakout through the prior session high after trading up to $2.91 above it intraday.
Daily Candlestick Chart (COHR as at Mar 26, 2020):
Thursday's trading range has been $8.01 (7.48%), that's slightly below the last trading month's daily average range of $9.82. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for COHR.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, COHR gained 0.45% on the following trading day.
The share managed to close above the 20-day moving average at 112.28 for the first time since February 13th. Prices are trading close to the key technical resistance level at 120.43 (R1).
While the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Coherent. Out of 15 times, COHR closed higher 60.00% 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 nine trading days, showing a win rate of 73.33% with an average market move of 0.21%.