EXPN.L pushes through Thursday's high
Experian plc (EXPN.L) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
EXPN.L ended the week -7.57% lower at 1752.00 after gaining £23.50 (1.36%) today, significantly outperforming the FTSE 100 (-0.16%). Closing above Thursday's high at 1751.00, the stock confirmed its breakout through the previous session high after trading up to £19.50 above it intraday.
Daily Candlestick Chart (EXPN.L as at Oct 12, 2018):
Friday's trading range has been £30.00 (1.72%), that's slightly below the last trading month's daily average range of £34.35. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for EXPN.L.
After spiking up to 1770.50 during the day, the share found resistance at the 200-day moving average at 1753.43. The last time this happened on April 11th, EXPN.L lost -0.48% on the following trading day.
With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back up towards the center of the Bollinger Bands at 1906.30.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close below the lower Bollinger Band" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Experian. Out of 127 times, EXPN.L closed higher 59.84% 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 62.20% with an average market move of 1.64%.