COO dominated by bulls lifting the market higher throughout the day
The Cooper Companies Inc. (COO) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, COO ended Wednesday at 342.31 gaining $6.25 (1.86%), strongly outperforming the S&P 500 (-0.46%). Today's close at 342.31 marks the highest recorded closing price since February 24th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 340.17, the market confirmed its breakout through the prior session high after trading up to $4.34 above it intraday.
Daily Candlestick Chart (COO as at Sep 16, 2020):
Wednesday's trading range has been $7.95 (2.36%), that's slightly below the last trading month's daily average range of $8.07. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for COO.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, COO gained 0.45% on the following trading day.
Prices are trading close to the key technical support level at 336.00 (S1).
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 316.00.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for The Cooper. Out of 286 times, COO closed higher 57.69% 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 58.74% with an average market move of 1.19%.