FRT closes above its opening price after recovering from early selling pressure
Federal Realty Investment Trust (FRT) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, FRT finished Thursday at 78.69 edging higher $0.18 (0.23%), strongly underperforming the S&P 500 (6.24%). Trading up to $4.88 lower after the open, Federal Realty managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on March 17th, FRT actually lost -21.35% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (FRT as at Mar 26, 2020):
Thursday's trading range has been $8.37 (10.67%), that's slightly above the last trading month's daily average range of $7.45. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for FRT.
One neutral candlestick pattern matches today's price action, the Doji.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Federal Realty. Out of 164 times, FRT closed higher 51.22% 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 57.32% with an average market move of 0.22%.