COR finds buyers again around 120.51
CoreSite Realty Corporation (COR) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
COR finished the week 1.24% higher at 122.00 after gaining $1.09 (0.9%) today, outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Trading up to $0.71 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on May 15th, COR gained 1.65% on the following trading day. Closing above Thursday's high at 121.94, the stock confirmed its breakout through the previous session high after trading up to $0.28 above it intraday.
Daily Candlestick Chart (COR as at May 22, 2020):
Friday's trading range has been $1.71 (1.41%), that's far below the last trading month's daily average range of $3.05. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for COR. Prices continued to consolidate within a tight trading range between 120.21 and 123.83 where it has been caught now for the whole last trading week.
CoreSite Realty managed to close back above the 20-day moving average at 121.82. After having been unable to move lower than 120.21 in the prior session, the market found buyers again around the same price level today at 120.51.
Though COR is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Buying could accelerate should prices move above the nearby swing high at 123.65 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 120.21 where further sell stops might get activated. With prices trading close to this year's high at 126.40, upside momentum could accelerate should the share be able to break out to new highs for the year. As prices are trading close to May's high at 125.30, upside momentum might speed up should the stock mark new highs for the month.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for CoreSite Realty. Out of 553 times, COR closed higher 54.43% 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 62.57% with an average market move of 1.21%.