MCO closes higher for the 3rd day in a row
Moody's Corporation (MCO) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, MCO finished Tuesday at 190.54 gaining $1.33 (0.7%), outperforming the S&P 500 (0.05%). Today's close at 190.54 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 189.49, the market confirmed its breakout through the previous session high after trading up to $1.29 above it intraday.
Daily Candlestick Chart (MCO as at Apr 16, 2019):
Tuesday's trading range has been $1.88 (0.99%), that's slightly below the last trading month's daily average range of $2.29. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MCO.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Moody's. Out of 627 times, MCO closed higher 53.43% 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 60.13% with an average market move of 0.87%.