MDLZ closes higher for the 3rd day in a row
Mondelez International Inc. (MDLZ) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, MDLZ ended the week 1.74% higher at 59.68 after gaining $0.65 (1.1%) today, outperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 59.68 marks the highest recorded closing price ever. Trading up to $0.32 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (MDLZ as at Feb 14, 2020):
Friday's trading range has been $0.88 (1.49%), that's slightly below the last trading month's daily average range of $0.90. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher 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 White Candle showed up on Monday, MDLZ actually lost -0.17% on the following trading day.
Buyers managed to take out the key technical resistance level at 59.22 (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.
Among the eight 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 522 times, MDLZ closed higher 53.83% 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 57.85% with an average market move of 0.24%.