LVGO climbs to highest close ever
Livongo Health Inc. (LVGO) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, LVGO finished the month 69.24% higher at 127.25 after gaining $3.81 (3.09%) today, strongly outperforming the S&P 500 (0.77%). Today's close at 127.25 marks the highest recorded closing price ever. Trading up to $4.40 lower after the open, Livongo managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (LVGO as at Jul 31, 2020):
Friday's trading range has been $6.31 (4.99%), that's below the last trading month's daily average range of $8.77. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for LVGO.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Hanging Man. The last time a Bullish Spinning Top showed up on July 23rd, LVGO actually lost -1.99% 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 "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Livongo. Out of 8 times, LVGO closed higher 62.50% 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 75.00% with an average market move of 8.73%.