EC pushes through Wednesday's high


Ecopetrol S.A. American Depositary Shares (EC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

EC dominated by bulls lifting the market higher throughout the day
EC closes higher for the 3rd day in a row
EC pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, EC ended Thursday at 10.08 gaining $1.31 (14.94%), notably outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 9.08, the market confirmed its breakout through the prior session high after trading up to $1.12 above it intraday.

Daily Candlestick Chart (EC as at Mar 26, 2020):

Daily technical analysis candlestick chart for Ecopetrol S.A. American Depositary Shares (EC) as at Mar 26, 2020

Thursday's trading range has been $1.36 (15.38%), that's above the last trading month's daily average range of $1.04. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for EC.

One bullish candlestick pattern matches today's price action, the White Candle.

Prices are trading close to the key technical resistance level at 10.92 (R1).

While the share is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the six 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 Ecopetrol S. A.. Out of 374 times, EC closed higher 53.21% 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 54.55% with an average market move of 0.82%.


Market Conditions for EC as at Mar 26, 2020

Loading Market Conditions for EC (Ecopetrol S.A. American Depositary Shares)...
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