DRE pops to highest close since April 29th
Duke Realty Corporation (DRE) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
DRE ended Monday at 35.20 gaining $0.72 (2.09%), notably outperforming the S&P 500 (0.38%). Today's close at 35.20 marks the highest recorded closing price since April 29th. Closing above Friday's high at 34.88, Duke Realty confirmed its breakout through the prior session high after trading up to $0.58 above it intraday.
Daily Candlestick Chart (DRE as at Jun 01, 2020):
Monday's trading range has been $1.03 (2.98%), that's slightly above the last trading month's daily average range of $0.97. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DRE.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on May 22nd, DRE gained 2.52% on the following trading day.
Prices are trading close to the key technical resistance level at 35.68 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 34.15 where further sell stops could get activated. Trading close to April's high at 37.11 we might see further upside momentum if potential buy stops at the level get triggered.
Among the four 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 475 times, DRE closed higher 52.42% 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 62.74% with an average market move of 0.59%.