DRE closes above its opening price after recovering from early selling pressure
Duke Realty Corporation (DRE) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
DRE finished the month 13.56% higher at 40.19 after gaining $0.22 (0.55%) today, slightly underperforming the S&P 500 (0.77%). Trading up to $0.64 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on July 10th, DRE actually lost -1.34% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (DRE as at Jul 31, 2020):
Friday's trading range has been $0.93 (2.33%), that's slightly above the last trading month's daily average range of $0.81. 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.
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 although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 36.89.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 40.84 where further buy stops could get activated.
Among the five 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 664 times, DRE closed higher 51.05% 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 58.13% with an average market move of 0.40%.