DXC rises to highest close since June 9th
DXC Technology Company (DXC) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
DXC finished the month 8.55% higher at 17.91 after gaining $0.15 (0.84%) today, slightly outperforming the S&P 500 (0.77%). Today's close at 17.91 marks the highest recorded closing price since June 9th. Trading up to $0.27 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 17.86, the share confirmed its breakout through the prior session high after trading up to $0.13 above it intraday.
Daily Candlestick Chart (DXC as at Jul 31, 2020):
Friday's trading range has been $0.64 (3.63%), that's slightly below the last trading month's daily average range of $0.70. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DXC.
Prices are trading close to the key technical support level at 17.72 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for DXC Technology. Out of 427 times, DXC closed higher 50.35% 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 55.74% with an average market move of 0.47%.