CPT closes higher for the 3rd day in a row


Camden Property Trust (CPT) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

CPT pushes through key technical resistance level
CPT dominated by bulls lifting the market higher throughout the day
CPT closes higher for the 3rd day in a row
CPT pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, CPT finished Thursday at 81.66 gaining $7.41 (9.98%), notably 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 78.08, Camden Property confirmed its breakout through the prior session high after trading up to $3.84 above it intraday.

Daily Candlestick Chart (CPT as at Mar 26, 2020):

Daily technical analysis candlestick chart for Camden Property Trust (CPT) as at Mar 26, 2020

Thursday's trading range has been $8.80 (11.7%), that's above the last trading month's daily average range of $7.20. 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 strongly higher than usual for CPT.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 17th, CPT actually lost -10.51% on the following trading day.

Buyers managed to take out the key technical resistance level at 80.81 (now S1), which is likely to act as support going forward.

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 Technical Indicators based market condition "RSI(2) above 80" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Camden Property. Out of 302 times, CPT closed higher 54.97% 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 58.28% with an average market move of 0.21%.


Market Conditions for CPT as at Mar 26, 2020

Loading Market Conditions for CPT (Camden Property Trust)...
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