EXPD breaks above 20-day moving average for the first time since June 10th
Expeditors International of Washington Inc. (EXPD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, EXPD ended the month -0.43% lower at 76.04 after gaining $1.74 (2.34%) today, outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 75.07, the stock confirmed its breakout through the previous session high after trading up to $1.29 above it intraday.
Daily Candlestick Chart (EXPD as at Jun 30, 2020):
Tuesday's trading range has been $1.93 (2.59%), that's slightly below the last trading month's daily average range of $2.01. 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.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close above the 20-day moving average at 75.24 for the first time since June 10th. When this moving average was crossed above the last time on May 26th, EXPD gained 2.32% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
As prices are trading close to June's high at 78.99, upside momentum might accelerate should the market mark new highs for the month.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Expeditors International. Out of 291 times, EXPD closed lower 53.95% of the time on the next trading day after the market condition occurred.