IEX climbs to highest close ever
IDEX Corporation (IEX) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, IEX ended Wednesday at 186.46 edging higher $0.25 (0.13%) on low volume, outperforming the S&P 500 (-0.46%). Today's close at 186.46 marks the highest recorded closing price ever. Trading $0.83 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on September 8th, IEX actually gained 2.09% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (IEX as at Sep 16, 2020):
Wednesday's trading range has been $2.37 (1.27%), that's below the last trading month's daily average range of $3.32. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IEX.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
Prices are trading close to the key technical support level at 185.18 (S1).
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 180.30.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for IDEX. Out of 95 times, IEX closed higher 50.53% 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 65.26% with an average market move of 1.01%.