MTD breaks above 20-day moving average for the first time since June 10th
Mettler-Toledo International Inc. (MTD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MTD finished the month 1.33% higher at 805.55 after gaining $20.31 (2.59%) today, notably outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 790.65, the market confirmed its breakout through the prior session high after trading up to $19.12 above it intraday.
Daily Candlestick Chart (MTD as at Jun 30, 2020):
Tuesday's trading range has been $29.87 (3.83%), that's above the last trading month's daily average range of $22.17. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for MTD.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 18th, MTD gained 1.60% on the following trading day.
The share managed to close above the 20-day moving average at 798.74 for the first time since June 10th.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Mettler-Toledo. Out of 343 times, MTD closed higher 52.77% 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 10 trading days, showing a win rate of 58.89% with an average market move of 0.68%.