FLIR closes within previous day's range after lackluster session
FLIR Systems Inc. (FLIR) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
FLIR ended the week 2.81% higher at 44.60 after edging lower $0.04 (-0.09%) today, slightly underperforming the S&P 500 (-0.01%). Trading up to $0.42 lower after the open, FLIR Systems managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (FLIR as at Jan 11, 2019):
Friday's trading range has been $0.83 (1.87%), that's below the last trading month's daily average range of $1.18. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FLIR.
The stock ran into sellers again today around 44.71 for the third trading day in a row after having found sellers at 44.66 in the previous session and at 44.55 two days ago. The last time this happened on November 5, 2018, FLIR actually gained 3.11% on the following trading day.
Although the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the four 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 FLIR Systems. Out of 483 times, FLIR closed higher 51.55% 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 51.35% with an average market move of 0.23%.