MEDP pops to highest close since March 10th
Medpace Holdings Inc. (MEDP) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
MEDP finished the week 9.27% higher at 92.18 after gaining $2.18 (2.42%) today, notably outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Today's close at 92.18 marks the highest recorded closing price since March 10th.
Daily Candlestick Chart (MEDP as at May 22, 2020):
Friday's trading range has been $2.81 (3.1%), that's below the last trading month's daily average range of $4.07. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for MEDP.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Wednesday, MEDP actually lost -0.09% on the following trading day.
Crossing above the upper Bollinger Band for the first time since Wednesday, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 83.67 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three 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 Medpace Holdings. Out of 205 times, MEDP closed higher 55.12% 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 53.17% with an average market move of 0.65%.