GTLS runs into sellers again around 69.57
Chart Industries Inc. (GTLS) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
GTLS finished the month 41.33% higher at 68.53 after losing $1.09 (-1.57%) today, strongly underperforming the S&P 500 (0.77%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (GTLS as at Jul 31, 2020):
Friday's trading range has been $2.56 (3.69%), that's slightly below the last trading month's daily average range of $2.61. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for GTLS. Prices continued to consolidate within a tight trading range between 65.02 and 70.00 where it has been caught now for the whole last trading week.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving higher in the previous session, the stock closed lower but above the prior day's open today, forming a bearish Harami Candle.
After having been unable to move above 70.00 in the previous session, the share ran into sellers again around the same price level today, missing to move higher than 69.57. The last time this happened on Tuesday, GTLS actually gained 4.76% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 70.00 where further buy stops could get triggered. With prices trading close to this year's high at 74.33, upside momentum might accelerate should Chart be able to break out to new highs for the year.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Chart. Out of 731 times, GTLS closed higher 51.44% 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 55.40% with an average market move of 1.45%.