EXR closes within prior day's range after lackluster session
Extra Space Storage (EXR) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
EXR finished the week -0.53% lower at 84.86 after edging higher $0.25 (0.3%) today, notably underperforming the S&P 500 (1.42%). Trading $0.38 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Wednesday, EXR lost -1.98% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (EXR as at Oct 12, 2018):
Friday's trading range has been $0.96 (1.13%), that's far below the last trading month's daily average range of $1.34. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for EXR.
Two candlestick patterns are matching today's price action, the Homing Pigeon which is known as bullish pattern and one bearish pattern, the Bearish Spinning Top.
After having been unable to move lower than 84.61 in the prior session, the stock found buyers again around the same price level today at 84.49.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 83.70 where further sell stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Homing Pigeon" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Extra Space. Out of 16 times, EXR closed lower 62.50% of the time on the next trading day after the market condition occurred.