EXPD finds buyers again around 91.30
Expeditors International of Washington Inc. (EXPD) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
EXPD finished Wednesday at 91.52 losing $1.78 (-1.91%), significantly underperforming the S&P 500 (-0.46%). The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (EXPD as at Sep 16, 2020):
Wednesday's trading range has been $3.82 (4.02%), that's far above the last trading month's daily average range of $1.66. Weekly volatility is also higher, being way 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 Bearish Belt-hold, the Black Candle and the Dark Cloud Cover which are known as bearish patterns. The last time a Black Candle showed up on September 10th, EXPD actually gained 1.97% on the following trading day.
Prices are trading close to the key technical support level at 91.22 (S1). After having been unable to move lower than 91.03 in the previous session, the share found buyers again around the same price level today at 91.30.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 88.75.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Dark Cloud Cover" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Expeditors International. Out of 10 times, EXPD closed higher 70.00% 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 seven trading days, showing a win rate of 60.00% with an average market move of 0.00%.