NTRS dominated by bulls lifting the market higher throughout the day
Northern Trust Corporation (NTRS) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
NTRS ended Tuesday at 95.62 gaining $1.58 (1.68%), strongly outperforming the S&P 500 (0.05%). Today's close at 95.62 marks the highest recorded closing price since March 18th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 94.64, the market confirmed its breakout through the prior session high after trading up to $1.24 above it intraday.
Daily Candlestick Chart (NTRS as at Apr 16, 2019):
Tuesday's trading range has been $1.81 (1.92%), that's slightly above the last trading month's daily average range of $1.70. 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 slightly lower than usual for NTRS.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on April 1st, NTRS gained 0.63% on the following trading day.
Prices are trading close to the key technical resistance level at 96.53 (R1).
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the nearby swing high at 96.53 where further buy stops might get activated. With prices trading close to this year's high at 96.90, upside momentum could speed up should Northern Trust be able to break out to new highs for the year.
Among the seven 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 Northern Trust. Out of 414 times, NTRS closed higher 52.17% 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 54.35% with an average market move of 0.32%.