CTB closes above its opening price after recovering from early selling pressure


Cooper Tire & Rubber Company (CTB) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team

Highlights

CTB rises to highest close since February 26th
CTB closes above its opening price after recovering from early selling pressure
CTB closes higher for the 5th day in a row
CTB pushes through Monday's high
CTB stuck within tight trading range

Overview

Moving higher for the 5th day in a row, CTB finished Tuesday at 32.46 gaining $0.26 (0.81%) on low volume, outperforming the S&P 500 (0.05%). Today's close at 32.46 marks the highest recorded closing price since February 26th. Trading up to $0.17 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 32.39, the stock confirmed its breakout through the previous session high after trading up to $0.09 above it intraday.

Daily Candlestick Chart (CTB as at Apr 16, 2019):

Daily technical analysis candlestick chart for Cooper Tire & Rubber Company (CTB) as at Apr 16, 2019

Tuesday's trading range has been $0.31 (0.96%), that's far below the last trading month's daily average range of $0.63. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CTB. Prices continued to consolidate within a tight trading range between 31.88 and 32.50 where it has been caught now for the last three trading days.

One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on January 25th, CTB actually gained 0.21% on the following trading day.

Prices are trading close to the key technical resistance level at 32.70 (R1).

Although the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Buying could speed up should prices move above the nearby swing high at 32.50 where further buy stops might get activated. Further buying could move prices higher should the market test March's close-by high at 32.80.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Cooper Tire. Out of 48 times, CTB closed lower 62.50% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 52.08% with an average market move of -0.26%.


Market Conditions for CTB as at Apr 16, 2019

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