GGG closes above its opening price after recovering from early selling pressure
Graco Inc. (GGG) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
GGG ended the month 10.94% higher at 53.24 after gaining $0.16 (0.3%) today, slightly underperforming 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. Closing above Thursday's high at 53.22, the share confirmed its breakout through the previous session high after trading up to $0.11 above it intraday.
Daily Candlestick Chart (GGG as at Jul 31, 2020):
Friday's trading range has been $0.92 (1.74%), that's slightly below the last trading month's daily average range of $1.11. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for GGG.
Prices are trading close to the key technical support level at 52.91 (S1). After having been unable to move lower than 52.33 in the prior session, Graco found buyers again around the same price level today at 52.41. The last time this happened on Tuesday, GGG gained 0.81% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 52.33 where further sell stops could get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for Graco. Out of 507 times, GGG closed higher 58.19% 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 58.19% with an average market move of 0.62%.