COO surges 4.69% on high volume
The Cooper Companies Inc. (COO) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
COO finished the month -10.52% lower at 283.64 after surging $12.71 (4.69%) today on high volume, notably outperforming the S&P 500 (1.54%). This is the biggest single-day gain in over two months. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 276.07, The Cooper confirmed its breakout through the prior session high after trading up to $10.25 above it intraday.
Daily Candlestick Chart (COO as at Jun 30, 2020):
Tuesday's trading range has been $16.64 (6.11%), that's far above the last trading month's daily average range of $11.08. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for COO.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 286.93 (R1). The share found buyers again today around 269.68 for the third trading day in a row after having found demand at 268.92 in the previous session and at 269.63 two days ago. The last time this happened on March 10th, COO actually lost -3.30% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior two Lows" stand out. Its common bullish interpretation has been confirmed for The Cooper. Out of 123 times, COO closed higher 54.47% 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 69.92% with an average market move of 1.62%.