EXR pushes through Wednesday's high
Extra Space Storage Inc (EXR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, EXR ended Thursday at 89.83 gaining $6.79 (8.18%), strongly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 87.18, the share confirmed its breakout through the prior session high after trading up to $3.11 above it intraday.
Daily Candlestick Chart (EXR as at Mar 26, 2020):
Thursday's trading range has been $8.11 (9.78%), that's above the last trading month's daily average range of $6.42. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for EXR.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 92.41 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 92.41 where further buy stops could get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Extra Space. Out of 307 times, EXR closed higher 53.09% 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 60.26% with an average market move of 0.55%.