LECO dominated by bulls lifting the market higher throughout the day
Lincoln Electric Holdings Inc. (LECO) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
LECO finished Tuesday at 89.83 gaining $0.84 (0.94%), outperforming the S&P 500 (0.05%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (LECO as at Apr 16, 2019):
Tuesday's trading range has been $0.97 (1.09%), that's below the last trading month's daily average range of $1.50. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for LECO.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
After having been unable to move lower than 88.91 in the previous session, Lincoln Electric found buyers again around the same price level today at 88.92. The last time this happened on April 11th, LECO gained 0.47% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 91.23 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 88.91 where further sell stops might get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Lincoln Electric. Out of 100 times, LECO closed higher 64.00% 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 nine trading days, showing a win rate of 53.00% with an average market move of 0.27%.