EXPD rises to highest close ever
Expeditors International of Washington Inc. (EXPD) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
EXPD finished the month 11.14% higher at 84.51 after gaining $1.49 (1.79%) today on high volume, significantly outperforming the S&P 500 (0.77%). Today's close at 84.51 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 83.79, the market confirmed its breakout through the prior session high after trading up to $1.11 above it intraday.
Daily Candlestick Chart (EXPD as at Jul 31, 2020):
Friday's trading range has been $2.24 (2.7%), that's far above the last trading month's daily average range of $1.54. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for EXPD.
Three candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and two bearish patterns, the Bearish Hikkake Pattern and the Last Engulfing Top Pattern. The last time a Last Engulfing Top Pattern showed up on Monday, EXPD lost -2.01% on the following trading day.
Buyers managed to take out the key technical resistance level at 83.94 (now S1), which is likely to act as support going forward.
Crossing above the upper Bollinger Band for the first time since Wednesday, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 79.54 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 13 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 41 times, EXPD closed lower 51.22% 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 60.98% with an average market move of -1.10%.