LDOS breaks back above 200-day moving average
Leidos Holdings Inc. (LDOS) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, LDOS ended Thursday at 92.56 gaining $6.44 (7.48%), notably outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 88.80, the market confirmed its breakout through the previous session high after trading up to $4.14 above it intraday.
Daily Candlestick Chart (LDOS as at Mar 26, 2020):
Thursday's trading range has been $5.92 (6.78%), that's slightly below the last trading month's daily average range of $6.85. 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 higher than usual for LDOS.
One bullish candlestick pattern matches today's price action, the White Candle.
The stock managed to close back above the 200-day moving average at 90.04 for the first time since March 13th. When this moving average was crossed above the last time on March 13th, LDOS actually lost -13.63% on the following trading day.
Leidos Holdings shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Leidos Holdings. Out of 247 times, LDOS closed higher 58.30% 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 57.49% with an average market move of 0.22%.