MIC closes higher for the 4th day in a row
Macquarie Infrastructure Corporation (MIC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, MIC ended Thursday at 24.50 gaining $2.22 (9.96%), significantly outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 24.02, Macquarie Infrastructure confirmed its breakout through the previous session high after trading up to $1.55 above it intraday.
Daily Candlestick Chart (MIC as at Mar 26, 2020):
Thursday's trading range has been $3.50 (15.71%), that's slightly above the last trading month's daily average range of $3.27. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for MIC.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, MIC gained 7.95% on the following trading day.
Prices are trading close to the key technical support level at 21.74 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Macquarie Infrastructure. Out of 92 times, MIC closed higher 58.70% 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 66.30% with an average market move of 1.23%.