MAS dominated by bulls lifting the market higher throughout the day
Masco Corporation (MAS) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MAS finished the month 7.63% higher at 50.21 after surging $1.33 (2.72%) today, notably outperforming the S&P 500 (1.54%). This is the biggest single-day gain in over a month. Today's close at 50.21 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 49.46, the market confirmed its breakout through the previous session high after trading up to $1.02 above it intraday.
Daily Candlestick Chart (MAS as at Jun 30, 2020):
Tuesday's trading range has been $1.87 (3.83%), that's far above the last trading month's daily average range of $1.31. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MAS.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, MAS actually lost -0.82% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Masco. Out of 156 times, MAS closed lower 54.49% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 65.38% with an average market move of -1.59%.