MAS pops to highest close ever
Masco Corporation (MAS) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, MAS finished the month 13.84% higher at 57.16 after edging higher $0.13 (0.23%) today on high volume, underperforming the S&P 500 (0.77%). Today's close at 57.16 marks the highest recorded closing price ever. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (MAS as at Jul 31, 2020):
Friday's trading range has been $1.25 (2.19%), that's slightly above the last trading month's daily average range of $1.16. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for MAS.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, four candlestick patterns are matching today's price action, the Bearish Harami Cross Pattern, the Hanging Man and the Northern Doji which are known as bearish patterns and one neutral pattern, the Doji. The last time a Bearish Harami Cross Pattern showed up on August 19, 2015, MAS lost -2.99% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 57.85 where further buy stops could get triggered.
Among the eight 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 Masco. Out of 540 times, MAS closed higher 52.04% 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 57.78% with an average market move of 0.94%.