EPR dominated by bulls lifting the market higher throughout the day
EPR Properties (EPR) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
EPR ended Monday at 34.22 surging $2.65 (8.39%), strongly outperforming the S&P 500 (0.38%). Today's close at 34.22 marks the highest recorded closing price since March 11th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 32.94, the share confirmed its breakout through the previous session high after trading up to $1.41 above it intraday.
Daily Candlestick Chart (EPR as at Jun 01, 2020):
Monday's trading range has been $2.98 (9.45%), that's far above the last trading month's daily average range of $1.87. 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 slightly higher than usual for EPR. Prices continued to consolidate within a tight trading range between 31.36 and 34.47 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on May 22nd, EPR gained 7.10% on the following trading day.
Prices are trading close to the key technical resistance level at 34.47 (R1). After having been unable to move lower than 31.36 in the prior session, EPR Properties found buyers again around the same price level today at 31.37.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the nearby swing high at 34.47 where further buy stops could get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for EPR Properties. Out of 585 times, EPR closed higher 55.90% 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 58.97% with an average market move of 0.58%.