EXR closes higher for the 2nd day in a row
Extra Space Storage Inc (EXR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, EXR ended the month -4.53% lower at 92.37 after gaining $0.54 (0.59%) today, underperforming the S&P 500 (1.54%). Closing above Monday's high at 92.14, the stock confirmed its breakout through the previous session high after trading up to $1.82 above it intraday.
Daily Candlestick Chart (EXR as at Jun 30, 2020):
Tuesday's trading range has been $2.60 (2.83%), that's slightly below the last trading month's daily average range of $2.93. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EXR.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
The share managed to close back above the 50-day moving average at 92.25 for the first time since June 22nd. When this moving average was crossed above the last time on May 26th, EXR gained 2.38% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for Extra Space. Out of 89 times, EXR closed higher 68.54% 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 69.66% with an average market move of 1.66%.