MDLZ closes higher for the 3rd day in a row
Mondelez International Inc. (MDLZ) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, MDLZ ended the week 2.62% higher at 47.80 after gaining $0.45 (0.95%) today, slightly outperforming the Nasdaq 100 (0.88%). Today's close at 47.80 marks the highest recorded closing price since February 21st. Closing above Thursday's high at 47.45, the stock confirmed its breakout through the prior session high after trading up to $0.51 above it intraday.
Daily Candlestick Chart (MDLZ as at Mar 15, 2019):
Friday's trading range has been $0.58 (1.22%), that's slightly above the last trading month's daily average range of $0.54. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for MDLZ.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on February 21st, MDLZ lost -1.43% on the following trading day.
Buyers managed to take out the key technical resistance level at 47.46 (now S1), which is likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 48.46, upside momentum could speed up should Mondelez International be able to break out to new highs for the year.
Among the five 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 Mondelez International. Out of 521 times, MDLZ closed higher 53.17% 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 56.81% with an average market move of 0.22%.