EXPD closes above its opening price after recovering from early selling pressure
Expeditors International of Washington Inc. (EXPD) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
EXPD finished the week 2.21% higher at 68.40 after edging lower $0.33 (-0.48%) today, slightly underperforming the S&P 500 (-0.01%). Trading up to $0.65 lower after the open, Expeditors International managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (EXPD as at Jan 11, 2019):
Friday's trading range has been $1.12 (1.64%), that's far below the last trading month's daily average range of $1.94. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for EXPD. Prices continued to consolidate within a tight trading range between 67.70 and 69.33 where it has been caught now for the last three trading days.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Additionally, two candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and one neutral pattern, the Doji. The last time a Doji showed up on September 21, 2018, EXPD lost -2.08% on the following trading day.
After trading down to 67.70 earlier during the day, the market bounced off the key technical support level at 68.12 (S1). The failure to close below the support could increase that levels significance as support going forward. After having been unable to move lower than 67.72 in the previous session, the stock found buyers again around the same price level today at 67.70.
Although 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 close-by swing high at 69.33 where further buy stops could get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Northern Doji" stand out. Its common bearish interpretation has been confirmed for Expeditors International. Out of 71 times, EXPD closed lower 57.75% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 59.15% with an average market move of -0.52%.