IPGP pops to highest close since August 31, 2018
IPG Photonics Corporation (IPGP) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IPGP ended Tuesday at 172.03 gaining $2.80 (1.65%), significantly outperforming the S&P 500 (0.05%). Today's close at 172.03 marks the highest recorded closing price since August 31, 2018. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (IPGP as at Apr 16, 2019):
Tuesday's trading range has been $2.63 (1.54%), that's far below the last trading month's daily average range of $4.43. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IPGP.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on April 11th, IPGP gained 1.56% on the following trading day.
After trading down to 169.50 earlier during the day, the share bounced off the key technical support level at 170.00 (S1). The failure to close below the support might increase that levels significance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for IPG Photonics. Out of 158 times, IPGP closed higher 58.23% 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 57.59% with an average market move of 1.63%.