DRE closes higher for the 5th day in a row
Duke Realty Corporation (DRE) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, DRE finished the week 5.05% higher at 38.48 after surging $0.54 (1.42%) today on low volume, strongly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 38.48 marks the highest recorded closing price since June 6, 2007. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (DRE as at Feb 14, 2020):
Friday's trading range has been $0.59 (1.55%), that's far above the last trading month's daily average range of $0.44. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for DRE.
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 36.66.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Its common bullish interpretation has been confirmed for Duke Realty. Out of 668 times, DRE closed higher 50.90% 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 58.83% with an average market move of 0.49%.