DRE finds buyers again around 37.84
Duke Realty Corporation (DRE) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
DRE finished Wednesday at 37.98 gaining $0.16 (0.42%), outperforming the S&P 500 (-0.46%). Trading $0.38 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (DRE as at Sep 16, 2020):
Wednesday's trading range has been $0.60 (1.58%), that's below the last trading month's daily average range of $0.75. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DRE.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on July 24th, DRE actually gained 1.23% on the following trading day.
Prices are trading close to the key technical support level at 37.58 (S1). After having been unable to move lower than 37.76 in the previous session, Duke Realty found buyers again around the same price level today at 37.84.
Although the share is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Buying could accelerate should prices move above the close-by swing high at 38.77 where further buy stops might get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Duke Realty. Out of 578 times, DRE closed higher 54.67% 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 56.40% with an average market move of 0.52%.