MEDP drops to lowest close since July 27th
Medpace Holdings Inc. (MEDP) Technical Analysis Report for Sep 18, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, MEDP ended the week -2.75% lower at 112.53 after tanking $3.95 (-3.39%) today on high volume, notably underperforming the S&P 500 (-1.12%). This is the biggest single-day loss in over two weeks. Today's close at 112.53 marks the lowest recorded closing price since July 27th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 114.99, the stock confirmed its breakout through the prior session low after trading up to $3.33 below it intraday.
Daily Candlestick Chart (MEDP as at Sep 18, 2020):
Friday's trading range has been $5.65 (4.82%), that's above the last trading month's daily average range of $4.28. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for MEDP.
Two candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern which is known as bullish pattern and one bearish pattern, the Black Candle. The last time a Last Engulfing Bottom Pattern showed up on August 24th, MEDP gained 1.16% on the following trading day.
After having been unable to move above 117.73 in the previous session, Medpace Holdings ran into sellers again around the same price level today, failing to move higher than 117.31.
Though the share is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Bottom Pattern" stand out. Its common bullish interpretation has been confirmed for Medpace Holdings. Out of 13 times, MEDP closed higher 69.23% 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 seven trading days, showing a win rate of 69.23% with an average market move of 0.93%.