FLIR pushes through Thursday's high
FLIR Systems Inc. (FLIR) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
FLIR finished the month 2.69% higher at 41.66 after gaining $0.50 (1.21%) today, slightly outperforming the S&P 500 (0.77%). Trading up to $0.44 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on July 16th, FLIR actually lost -3.09% on the following trading day. Closing above Thursday's high at 41.49, the stock confirmed its breakout through the prior session high after trading up to $0.18 above it intraday.
Daily Candlestick Chart (FLIR as at Jul 31, 2020):
Friday's trading range has been $0.75 (1.81%), that's below the last trading month's daily average range of $1.12. 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. Prices continued to consolidate within a tight trading range between 40.50 and 41.94 where it has been caught now for the whole last trading week.
The share managed to close back above the 20-day moving average at 41.15.
FLIR Systems shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying might speed up should prices move above the close-by swing high at 41.94 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 40.50 where further sell stops could get triggered. As prices are trading close to July's high at 43.17, upside momentum might speed up should FLIR mark new highs for the month.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Its common bullish interpretation has been confirmed for FLIR Systems. Out of 604 times, FLIR closed higher 49.83% 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 53.48% with an average market move of 0.18%.