IEX pushes through Monday's high
IDEX Corporation (IEX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
IEX ended the month -0.83% lower at 158.04 after gaining $3.65 (2.36%) today, outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 156.05, the stock confirmed its breakout through the prior session high after trading up to $2.98 above it intraday.
Daily Candlestick Chart (IEX as at Jun 30, 2020):
Tuesday's trading range has been $5.60 (3.64%), that's far above the last trading month's daily average range of $4.18. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IEX.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Additionally, two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.
IDEX managed to close above the 200-day moving average at 157.70 for the first time since June 10th. When this moving average was crossed above the last time on June 2nd, IEX gained 3.73% on the following trading day. After having been unable to move lower than 153.49 in the previous session, the market found buyers again around the same price level today at 153.43.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Top Pattern" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for IDEX. Out of 90 times, IEX closed higher 61.11% 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 62.22% with an average market move of 0.70%.