LKQ dominated by bulls lifting the market higher throughout the day
LKQ Corporation (LKQ) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, LKQ finished Thursday at 22.25 gaining $2.25 (11.25%), strongly 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 20.19, the stock confirmed its breakout through the prior session high after trading up to $2.32 above it intraday.
Daily Candlestick Chart (LKQ as at Mar 26, 2020):
Thursday's trading range has been $2.49 (12.43%), that's slightly above the last trading month's daily average range of $2.13. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for LKQ.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bearish, showing an intact downtrend 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 "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for LKQ. Out of 587 times, LKQ closed higher 53.66% 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 56.05% with an average market move of 0.29%.