MTD finds buyers again around 761.01
Mettler-Toledo International Inc. (MTD) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 5th day in a row, MTD finished the week -3.04% lower at 763.20 after losing $6.28 (-0.82%) today, underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. 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 (MTD as at Feb 14, 2020):
Friday's trading range has been $11.21 (1.46%), that's below the last trading month's daily average range of $15.87. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for MTD.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, 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.
Prices are trading close to the key technical support level at 759.15 (S1). After having been unable to move lower than 759.15 in the prior session, the market found buyers again around the same price level today at 761.01. The last time this happened on February 7th, MTD actually lost -0.81% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 759.15 where further sell stops might get activated. With prices trading close to this year's low at 752.76, downside momentum could accelerate should Mettler-Toledo break out to new lows for the year. As prices are trading close to February's low at 756.61, downside momentum might speed up should the share mark new lows for the month.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for Mettler-Toledo. Out of 527 times, MTD closed higher 58.44% 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 58.82% with an average market move of 1.05%.