DRE breaks above 20-day moving average for the first time since February 24th
Duke Realty Corporation (DRE) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
DRE ended Thursday at 30.64 gaining $2.12 (7.43%) on low volume, notably outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 30.42, the stock confirmed its breakout through the previous session high after trading up to $0.50 above it intraday.
Daily Candlestick Chart (DRE as at Mar 26, 2020):
Thursday's trading range has been $2.76 (9.63%), that's slightly above the last trading month's daily average range of $2.35. Weekly volatility is also higher, being slightly above 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 bullish Outside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, DRE actually lost -1.69% on the following trading day.
The market managed to close above the 20-day moving average at 30.62 for the first time since February 24th. Prices are trading close to the key technical resistance level at 31.47 (R1). After having been unable to move lower than 28.25 in the prior session, the share found buyers again around the same price level today at 28.16.
Although Duke Realty is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the nine 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 Duke Realty. Out of 484 times, DRE closed higher 52.27% 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 61.57% with an average market move of 0.39%.