FLIR ends the day indecisive
FLIR Systems Inc. (FLIR) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, FLIR ended the week 2.2% higher at 48.40 after losing $0.48 (-0.98%) today, slightly underperforming the S&P 500 (-0.92%). Trading $0.59 higher after the open, FLIR Systems was unable to hold its gains as the bears took control ending the day below its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (FLIR as at Nov 09, 2018):
Friday's trading range has been $1.30 (2.68%), that's slightly below the last trading month's daily average range of $1.72. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for FLIR.
Two candlestick patterns are matching today's price action, the Bearish Spinning Top and the Bearish High-Wave Candle which are both known as bearish patterns. The last time a Bearish Spinning Top showed up on October 31st, FLIR actually gained 3.11% on the following trading day.
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 49.71 where further buy stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for FLIR Systems. Out of 218 times, FLIR closed higher 55.05% 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 55.50% with an average market move of 0.72%.