CUBE dominated by bulls lifting the market higher throughout the day
CubeSmart (CUBE) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CUBE ended the week 4.17% higher at 33.00 after surging $0.52 (1.6%) today, strongly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on February 6th, CUBE gained 0.41% on the following trading day. Today's close at 33.00 marks the highest recorded closing price since October 24, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 32.69, the share confirmed its breakout through the previous session high after trading up to $0.38 above it intraday.
Daily Candlestick Chart (CUBE as at Feb 14, 2020):
Friday's trading range has been $0.55 (1.69%), that's above the last trading month's daily average range of $0.43. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CUBE.
One bullish candlestick pattern matches today's price action, the White Candle.
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 while might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 31.73.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for CubeSmart. Out of 450 times, CUBE closed higher 51.56% 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 60.44% with an average market move of 0.71%.