FLIR pushes through Wednesday's high
FLIR Systems Inc. (FLIR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, FLIR finished Thursday at 33.77 gaining $2.30 (7.31%) on low volume, 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 33.19, the stock confirmed its breakout through the previous session high after trading up to $1.39 above it intraday.
Daily Candlestick Chart (FLIR as at Mar 26, 2020):
Thursday's trading range has been $2.97 (9.4%), that's slightly below the last trading month's daily average range of $3.61. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for FLIR.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, FLIR gained 1.38% on the following trading day.
Although the share 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 five 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 FLIR Systems. Out of 282 times, FLIR closed higher 50.35% 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 55.32% with an average market move of 0.45%.