CSGP pushes through Wednesday's high

CoStar Group Inc. (CSGP) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


CSGP dominated by bulls lifting the market higher throughout the day
CSGP pushes through Wednesday's high


CSGP ended Thursday at 583.18 gaining $42.94 (7.95%), 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 555.98, the stock confirmed its breakout through the previous session high after trading up to $29.77 above it intraday.

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

Daily technical analysis candlestick chart for CoStar Group Inc. (CSGP) as at Mar 26, 2020

Thursday's trading range has been $47.99 (8.76%), that's slightly above the last trading month's daily average range of $43.06. 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 significantly higher than usual for CSGP.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 6th, CSGP actually lost -5.70% on the following trading day.

Prices are trading close to the key technical resistance level at 592.58 (R1).

While still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Buying might speed up should prices move above the nearby swing high at 594.70 where further buy stops could get activated.

Among the seven 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 CoStar Group. Out of 319 times, CSGP closed higher 51.72% 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 61.44% with an average market move of 1.19%.

Market Conditions for CSGP as at Mar 26, 2020

Loading Market Conditions for CSGP (CoStar Group Inc.)...
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