DLPH closes higher for the 2nd day in a row
Delphi Technologies PLC (DLPH) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, DLPH ended the month 10.33% higher at 14.21 after gaining $0.01 (0.07%) today, significantly underperforming the S&P 500 (1.54%). Closing above Monday's high at 14.20, Delphi Technologies confirmed its breakout through the previous session high after trading up to $0.16 above it intraday.
Daily Candlestick Chart (DLPH as at Jun 30, 2020):
Tuesday's trading range has been $0.43 (3.07%), that's below the last trading month's daily average range of $0.61. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for DLPH.
Prices are trading close to the key technical support level at 14.06 (S1).
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the close-by swing high at 14.48 where further buy stops might get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Delphi Technologies. Out of 77 times, DLPH closed lower 51.95% 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 57.14% with an average market move of -1.01%.