COO closes within previous day's range after lackluster session
The Cooper Companies Inc. (COO) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
COO ended the week 1.47% higher at 353.31 after edging higher $0.34 (0.1%) today, slightly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading $2.92 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (COO as at Feb 14, 2020):
Friday's trading range has been $3.84 (1.09%), that's far below the last trading month's daily average range of $5.50. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for COO.
Four candlestick patterns are matching today's price action, the Gravestone Doji, the Northern Doji and the Shooting Star which are known as bearish patterns and one neutral pattern, the Doji. The last time a Doji showed up on February 4th, COO gained 0.98% on the following trading day.
Prices are trading close to the key technical support level at 349.96 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 349.96 where further sell stops might get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for The Cooper. Out of 686 times, COO closed higher 57.73% 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 63.41% with an average market move of 1.14%.