GNRC climbs to highest close ever
Generac Holdlings Inc. (GNRC) Technical Analysis Report for Oct 09, 2019 | by Techniquant Editorial Team
GNRC finished Wednesday at 83.79 surging $6.96 (9.06%) on high volume, strongly outperforming the S&P 500 (0.91%). This is the biggest single-day gain ever recorded for the market. Today's close at 83.79 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (GNRC as at Oct 09, 2019):
Wednesday's trading range has been $5.63 (7.13%), that's far above the last trading month's daily average range of $2.16. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for GNRC.
Two candlestick patterns are matching today's price action, the Bullish Belt-hold and the White Candle which are both known as bullish patterns. The last time a Bullish Belt-hold showed up on September 4th, GNRC gained 5.96% on the following trading day.
Generac Holdlings managed to close back above the 20-day moving average at 79.81 for the first time since September 26th. Prices are trading close to the key technical resistance level at 84.86 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 84.86, upside momentum could speed up should the share be able to break out to new highs for the year.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Belt-hold" stand out. Its common bullish interpretation has been confirmed for Generac Holdlings. Out of 21 times, GNRC closed higher 57.14% 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 80.95% with an average market move of 3.48%.