FLIR breaks back above 20-day moving average
FLIR Systems Inc. (FLIR) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, FLIR finished Wednesday at 36.02 gaining $0.68 (1.92%), notably outperforming the S&P 500 (-0.46%). Closing above Tuesday's high at 35.64, FLIR Systems confirmed its breakout through the previous session high after trading up to $0.78 above it intraday.
Daily Candlestick Chart (FLIR as at Sep 16, 2020):
Wednesday's trading range has been $1.12 (3.15%), that's above the last trading month's daily average range of $0.92. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FLIR.
The share managed to close back above the 20-day moving average at 35.65 for the first time since September 2nd. When this moving average was crossed above the last time on September 2nd, FLIR actually lost -3.10% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
As prices are trading close to September's high at 37.27, upside momentum might accelerate should the stock mark new highs for the month.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for FLIR Systems. Out of 77 times, FLIR closed lower 54.55% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after six trading days, showing a win rate of 50.65% with an average market move of -0.40%.