KO pushes through Thursday's high
Coca-Cola Company (KO) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, KO ended the week 1.28% higher at 59.95 after gaining $0.34 (0.57%) today on low volume, outperforming the Dow Indu. (-0.09%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 59.95 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 59.84, Coca-Cola confirmed its breakout through the previous session high after trading up to $0.23 above it intraday.
Daily Candlestick Chart (KO as at Feb 14, 2020):
Friday's trading range has been $0.45 (0.75%), that's below the last trading month's daily average range of $0.61. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for KO.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, KO actually lost -0.27% on the following trading day.
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 "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Coca-Cola. Out of 329 times, KO closed higher 51.06% 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 55.32% with an average market move of 0.27%.