MPW climbs to highest close ever
Medical Properties Trust Inc. (MPW) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MPW finished the week 3.44% higher at 24.08 after surging $0.47 (1.99%) today, strongly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. This is the biggest single-day gain in over two months. Today's close at 24.08 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 23.76, Medical Properties confirmed its breakout through the prior session high after trading up to $0.33 above it intraday.
Daily Candlestick Chart (MPW as at Feb 14, 2020):
Friday's trading range has been $0.47 (1.98%), that's far above the last trading month's daily average range of $0.35. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MPW.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the upper Bollinger Band for the first time since Tuesday, 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 22.82 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on February 7th, MPW gained 1.16% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for Medical Properties. Out of 192 times, MPW closed higher 56.77% 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 two trading days, showing a win rate of 56.25% with an average market move of 0.07%.