ESIO climbs to highest close since January 7, 2004
Electro Scientific Industries Inc. (ESIO) Technical Analysis Report for Dec 07, 2018 | by Techniquant Editorial Team
ESIO finished the week 0.75% higher at 29.62 after gaining $0.12 (0.41%) today, strongly outperforming the S&P 500 (-2.33%) following today's NFP report. Today's close at 29.62 marks the highest recorded closing price since January 7, 2004. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 29.57, the share confirmed its breakout through the prior session high after trading up to $0.11 above it intraday.
Daily Candlestick Chart (ESIO as at Dec 07, 2018):
Friday's trading range has been $0.18 (0.61%), that's below the last trading month's daily average range of $0.30. 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 significantly lower than usual for ESIO.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on November 30th, ESIO gained 0.51% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 29.06 where further sell stops might get activated. Further selling could move prices lower should the market test November's nearby low at 28.61.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for Electro Scientific. Out of 104 times, ESIO closed higher 57.69% 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 60.58% with an average market move of 2.71%.