MSI closes above its opening price after recovering from early selling pressure
Motorola Solutions Inc. (MSI) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
MSI ended the week -1.97% lower at 160.35 after gaining $0.40 (0.25%) today, slightly outperforming the S&P 500 (-0.16%). Trading up to $1.23 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (MSI as at Jun 14, 2019):
Friday's trading range has been $2.28 (1.43%), that's below the last trading month's daily average range of $2.75. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for MSI.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on June 6th, MSI gained 1.62% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 162.46 where further buy stops might get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Motorola Solutions. Out of 424 times, MSI closed higher 51.65% 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 58.96% with an average market move of 0.98%.