DRE closes within prior day's range after lackluster session
Duke Realty Corporation (DRE) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
DRE finished the week 0.92% higher at 31.75 after losing $0.06 (-0.19%) today, slightly underperforming the S&P 500 (-0.16%). Trading $0.12 higher after the open, Duke Realty was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (DRE as at Jun 14, 2019):
Friday's trading range has been $0.27 (0.85%), that's below the last trading month's daily average range of $0.43. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DRE.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. The last time this happened on June 4th, DRE actually gained 2.63% on the following trading day. After moving higher in the prior session, the stock closed lower but above the previous day's open today, forming a bearish Harami Candle. Additionally, one bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
After trading down to 31.62 earlier during the day, the market bounced off the key technical support level at 31.69 (S1). The failure to close below the support could increase that levels significance as support going forward. After having been unable to move lower than 31.64 in the prior session, the share found buyers again around the same price level today at 31.62.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Duke Realty. Out of 440 times, DRE closed higher 59.32% 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 58.64% with an average market move of 0.43%.