COO closes higher for the 3rd day in a row
The Cooper Companies Inc. (COO) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, COO finished Thursday at 282.05 gaining $25.16 (9.79%), strongly 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 265.69, the stock confirmed its breakout through the prior session high after trading up to $16.36 above it intraday.
Daily Candlestick Chart (COO as at Mar 26, 2020):
Thursday's trading range has been $25.96 (9.93%), that's slightly above the last trading month's daily average range of $22.36. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for COO.
Two candlestick patterns are matching today's price action, the Bullish Closing Marubozu and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on March 10th, COO actually lost -3.30% on the following trading day.
Prices are trading close to the key technical resistance level at 301.16 (R1).
Although the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might speed up should prices move above the nearby swing high at 286.93 where further buy stops could get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Closing Marubozu" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for The Cooper. Out of 10 times, COO closed lower 80.00% of the time on the next trading day after the market condition occurred.