EXPD closes lower for the 2nd day in a row
Expeditors International of Washington Inc. (EXPD) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, EXPD finished the week 0.77% higher at 72.06 after edging lower $0.13 (-0.18%) today, slightly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (EXPD as at May 22, 2020):
Friday's trading range has been $1.16 (1.61%), that's far below the last trading month's daily average range of $1.73. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EXPD.
Three candlestick patterns are matching today's price action, the Southern Doji and the Takuri Line which are both known as bullish patterns and one neutral pattern, the Doji. The last time a Southern Doji showed up on February 26th, EXPD actually lost -4.96% on the following trading day.
After trading as low as 71.09 during the day, the share found support at the 100-day moving average at 71.44.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might speed up should prices move above the close-by swing high at 74.04 where further buy stops could get triggered. As prices are trading close to May's low at 69.54, downside momentum might accelerate should the stock mark new lows for the month.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 100" stand out. Its common bullish interpretation has been confirmed for Expeditors International. Out of 34 times, EXPD closed higher 58.82% 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 five trading days, showing a win rate of 58.82% with an average market move of 0.08%.