CUZ closes within prior day's range
Cousins Properties Incorporated (CUZ) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CUZ ended Wednesday at 31.06 gaining $0.14 (0.45%) on high volume, outperforming the S&P 500 (-0.46%). Today's close at 31.06 marks the highest recorded closing price since August 17th. Trading up to $0.31 lower after the open, Cousins Properties managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (CUZ as at Sep 16, 2020):
Wednesday's trading range has been $0.89 (2.88%), that's slightly above the last trading month's daily average range of $0.87. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CUZ.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on August 6th, CUZ gained 1.48% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Cousins Properties. Out of 457 times, CUZ closed higher 53.61% 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 51.86% with an average market move of 0.20%.