EXPD pushes through key technical resistance level
Expeditors International of Washington Inc. (EXPD) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
EXPD ended Tuesday at 79.81 gaining $0.86 (1.09%), significantly outperforming the S&P 500 (0.05%). Today's close at 79.81 marks the highest recorded closing price ever. Closing above Monday's high at 79.13, the stock confirmed its breakout through the previous session high after trading up to $1.02 above it intraday.
Daily Candlestick Chart (EXPD as at Apr 16, 2019):
Tuesday's trading range has been $1.40 (1.77%), that's above the last trading month's daily average range of $1.19. 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 higher than usual for EXPD.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 79.24 (now S1), which is likely to act as support going forward. The last time this happened on April 1st, EXPD gained 0.63% on the following trading day.
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 Technical Indicators based market condition "RSI(14) above 70" stand out. Its common bearish interpretation has been confirmed for Expeditors International. Out of 52 times, EXPD closed lower 55.77% 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 65.38% with an average market move of -1.29%.