FR closes higher for the 4th day in a row
First Industrial Realty Trust Inc. (FR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, FR finished the month 1.48% higher at 38.44 after gaining $0.60 (1.59%) today, slightly outperforming the S&P 500 (1.54%). Closing above Monday's high at 37.91, the market confirmed its breakout through the prior session high after trading up to $0.81 above it intraday.
Daily Candlestick Chart (FR as at Jun 30, 2020):
Tuesday's trading range has been $0.92 (2.43%), that's below the last trading month's daily average range of $1.26. 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 FR.
Three candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern. The last time a White Candle showed up on June 26th, FR gained 0.69% on the following trading day.
Prices are trading close to the key technical resistance level at 39.12 (R1).
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for First Industrial. Out of 89 times, FR closed higher 59.55% 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 65.17% with an average market move of 1.29%.