ITT closes higher for the 2nd day in a row
ITT Inc. (ITT) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ITT finished the month 1.8% higher at 58.74 after gaining $0.36 (0.62%) today, underperforming 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 58.51, the share confirmed its breakout through the previous session high after trading up to $0.58 above it intraday.
Daily Candlestick Chart (ITT as at Jun 30, 2020):
Tuesday's trading range has been $1.33 (2.3%), that's below the last trading month's daily average range of $2.06. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ITT.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Prices are trading close to the key technical support level at 58.33 (S1).
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for ITT. Out of 317 times, ITT closed higher 57.41% 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 55.84% with an average market move of 0.93%.