FLIR closes lower for the 2nd day in a row
FLIR Systems Inc. (FLIR) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, FLIR finished the week 1.85% higher at 45.06 after edging lower $0.10 (-0.22%) today, slightly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (FLIR as at May 22, 2020):
Friday's trading range has been $0.91 (2.02%), that's far below the last trading month's daily average range of $1.91. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for FLIR. Prices continued to consolidate within a tight trading range between 44.53 and 46.70 where it has been caught now for the whole last trading week.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
After trading as low as 44.53 during the day, the stock found support at the 100-day moving average at 44.65. The last time this happened on May 13th, FLIR actually lost -1.61% 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.
Buying might accelerate should prices move above the close-by swing high at 46.41 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 43.26 where further sell stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 100" stand out. Its common bullish interpretation has been confirmed for FLIR Systems. Out of 28 times, FLIR closed higher 57.14% 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 57.14% with an average market move of 1.70%.