FLO climbs to highest close since October 2, 2019
Flowers Foods Inc. (FLO) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, FLO ended the week 0.99% higher at 22.52 after gaining $0.13 (0.58%) today, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 22.52 marks the highest recorded closing price since October 2, 2019. Closing above Thursday's high at 22.45, the market confirmed its breakout through the prior session high after trading up to $0.12 above it intraday.
Daily Candlestick Chart (FLO as at Feb 14, 2020):
Friday's trading range has been $0.25 (1.12%), that's below the last trading month's daily average range of $0.37. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FLO.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Flowers Foods. Out of 323 times, FLO closed higher 53.56% 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 53.56% with an average market move of 0.20%.