EXR ends the day indecisive
Extra Space Storage Inc (EXR) Technical Analysis Report for May 17, 2019 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, EXR finished the week 0.1% higher at 105.99 after losing $0.26 (-0.24%) today, but still slightly outperforming the S&P 500 (-0.58%). Trading up to $0.51 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on May 6th, EXR actually lost -1.97% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (EXR as at May 17, 2019):
Friday's trading range has been $0.82 (0.77%), that's far below the last trading month's daily average range of $1.94. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for EXR.
One neutral candlestick pattern matches today's price action, the Doji.
Though the share is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Extra Space. Out of 460 times, EXR closed higher 57.83% 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 57.39% with an average market move of 0.86%.