IEX closes within previous day's range after lackluster session
IDEX Corporation (IEX) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
IEX ended the week 2.01% higher at 174.79 after edging higher $0.10 (0.06%) today, slightly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading up to $0.74 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (IEX as at Feb 14, 2020):
Friday's trading range has been $1.32 (0.76%), that's below the last trading month's daily average range of $2.77. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for IEX.
Two candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and one neutral pattern, the Doji. The last time a Doji showed up on Wednesday, IEX lost -1.20% on the following trading day.
Prices are trading close to the key technical resistance level at 176.62 (R1). After having been unable to move lower than 174.41 in the prior session, IDEX found buyers again around the same price level today at 174.03.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Doji" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for IDEX. Out of 140 times, IEX closed higher 58.57% 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 60.00% with an average market move of 0.74%.