KO closes higher for the 3rd day in a row
Coca-Cola Company (KO) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, KO ended Thursday at 44.29 gaining $2.68 (6.44%), slightly outperforming the Dow Indu. (6.38%). Closing above Wednesday's high at 43.45, the stock confirmed its breakout through the previous session high after trading up to $1.82 above it intraday.
Daily Candlestick Chart (KO as at Mar 26, 2020):
Thursday's trading range has been $2.82 (6.58%), that's slightly below the last trading month's daily average range of $2.87. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher 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 March 17th, KO actually lost -4.94% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four 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 Coca-Cola. Out of 167 times, KO closed higher 49.10% 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 54.49% with an average market move of 0.11%.