ECL pushes through Thursday's high
Ecolab Inc. (ECL) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, ECL ended the week 2.89% higher at 174.47 after gaining $0.87 (0.5%) today on high volume, performing in line with the S&P 500 (0.5%). Today's close at 174.47 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 174.00, the stock confirmed its breakout through the prior session high after trading up to $0.98 above it intraday.
Daily Candlestick Chart (ECL as at Mar 15, 2019):
Friday's trading range has been $1.73 (1.0%), that's slightly below the last trading month's daily average range of $2.01. 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 ECL.
One bullish candlestick pattern matches today's price action, the White Candle.
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 "5 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Ecolab. Out of 37 times, ECL closed higher 64.86% 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 62.16% with an average market move of 0.80%.