COO closes lower for the 2nd day in a row
The Cooper Companies Inc. (COO) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, COO ended the week 0.36% higher at 323.10 after losing $1.46 (-0.45%) today, slightly underperforming the S&P 500 (-0.16%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (COO as at Jun 14, 2019):
Friday's trading range has been $3.64 (1.12%), that's below the last trading month's daily average range of $5.77. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for COO.
Prices are trading close to the key technical resistance level at 325.88 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 320.88 where further sell stops might get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for The Cooper. Out of 654 times, COO closed higher 56.73% 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 63.15% with an average market move of 1.19%.