MKC dominated by bulls lifting the market higher throughout the day
McCormick & Company Incorporated (MKC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
MKC ended Thursday at 131.64 gaining $7.45 (6.0%) on low volume, slightly underperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 126.38, the market confirmed its breakout through the prior session high after trading up to $6.40 above it intraday.
Daily Candlestick Chart (MKC as at Mar 26, 2020):
Thursday's trading range has been $8.83 (7.12%), that's slightly below the last trading month's daily average range of $9.02. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for MKC.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, MKC actually lost -0.59% on the following trading day.
Although the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for McCormick &. Out of 524 times, MKC closed higher 52.10% 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 62.79% with an average market move of 0.71%.