EXPD soars, gaining $2.26 (3.13%) within a single day on high volume
Expeditors International of Washington Inc. (EXPD) Technical Analysis Report for Oct 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, EXPD ended the week 4.06% higher at 74.37 after surging $2.26 (3.13%) today on high volume, significantly outperforming the S&P 500 (1.09%). This is the biggest single-day gain in over two months. Today's close at 74.37 marks the highest recorded closing price since September 19th.
Daily Candlestick Chart (EXPD as at Oct 11, 2019):
Friday's trading range has been $1.99 (2.72%), that's far above the last trading month's daily average range of $1.43. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EXPD.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close back above the 200-day moving average at 73.46 for the first time since September 30th. When this moving average was crossed above the last time on September 27th, EXPD gained 1.36% on the following trading day. Prices are trading close to the key technical resistance level at 75.38 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying could move prices higher should the market test September's nearby high at 76.80.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for Expeditors International. Out of 82 times, EXPD closed higher 60.98% 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 54.88% with an average market move of 0.01%.