COO pops to highest close since December 6, 2018
The Cooper Companies Inc. (COO) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, COO finished the week 6.21% higher at 261.49 after gaining $1.85 (0.71%) today on low volume, outperforming the S&P 500 (-0.01%). Today's close at 261.49 marks the highest recorded closing price since December 6, 2018. Trading up to $2.83 lower after the open, The Cooper managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 260.30, the stock confirmed its breakout through the previous session high after trading up to $1.34 above it intraday.
Daily Candlestick Chart (COO as at Jan 11, 2019):
Friday's trading range has been $5.81 (2.25%), that's below the last trading month's daily average range of $7.08. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for COO. Prices continued to consolidate within a tight trading range between 255.00 and 263.15 where it has been caught now for the last three trading days.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. The last time this happened on October 23, 2018, COO actually lost -2.05% on the following trading day.
The share managed to close above the 100-day moving average at 259.82 for the first time since December 6, 2018. Prices are trading close to the key technical resistance level at 264.75 (R1). The market found buyers again today around 255.83 for the third trading day in a row after having found demand at 256.07 in the prior session and at 255.00 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 263.15 where further buy stops might get triggered.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous two Lows" stand out. Its common bullish interpretation has been confirmed for The Cooper. Out of 120 times, COO closed higher 55.00% 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 10 trading days, showing a win rate of 70.83% with an average market move of 1.82%.