DRE closes above its opening price after recovering from early selling pressure
Duke Realty Corporation (DRE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
DRE finished the month 2.64% higher at 35.39 after gaining $0.81 (2.34%) today, outperforming the S&P 500 (1.54%). Trading up to $0.59 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 35.14, Duke Realty confirmed its breakout through the prior session high after trading up to $0.42 above it intraday.
Daily Candlestick Chart (DRE as at Jun 30, 2020):
Tuesday's trading range has been $1.55 (4.48%), that's far above the last trading month's daily average range of $1.03. 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 lower than usual for DRE.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. The last time this happened on June 15th, DRE gained 1.93% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
After trading as low as 34.01 during the day, the market found support at the 200-day moving average at 34.27. Prices are trading close to the key technical resistance level at 35.89 (R1).
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 50" stand out. Its common bullish interpretation has been confirmed for Duke Realty. Out of 37 times, DRE closed higher 62.16% 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 two trading days, showing a win rate of 59.46% with an average market move of 0.22%.