MDLZ breaks above 100-day moving average for the first time since June 19th
Mondelez International Inc. (MDLZ) Technical Analysis Report for Jul 13, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MDLZ ended Monday at 51.65 gaining $0.21 (0.41%), notably outperforming the Nasdaq 100 (-2.16%).
Daily Candlestick Chart (MDLZ as at Jul 13, 2020):
Monday's trading range has been $0.68 (1.31%), that's below the last trading month's daily average range of $0.90. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MDLZ.
Mondelez International managed to close above the 100-day moving average at 51.46 for the first time since June 19th. When this moving average was crossed above the last time on June 17th, MDLZ gained 0.72% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Further selling might move prices lower should the market test June's close-by low at 49.92.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for Mondelez International. Out of 76 times, MDLZ closed higher 53.95% 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 55.26% with an average market move of 0.28%.