NVT closes higher for the 3rd day in a row


nVent Electric plc (NVT) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

NVT dominated by bulls lifting the market higher throughout the day
NVT closes higher for the 3rd day in a row
NVT pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, NVT finished Thursday at 17.57 gaining $1.37 (8.46%) on low volume, significantly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 16.42, the share confirmed its breakout through the previous session high after trading up to $1.33 above it intraday.

Daily Candlestick Chart (NVT as at Mar 26, 2020):

Daily technical analysis candlestick chart for nVent Electric plc (NVT) as at Mar 26, 2020

Thursday's trading range has been $1.70 (10.44%), that's slightly below the last trading month's daily average range of $1.76. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for NVT.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, NVT gained 6.86% on the following trading day.

Prices are trading close to the key technical resistance level at 19.06 (R1).

Though the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for nVent Electric. Out of 48 times, NVT closed higher 52.08% 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 five trading days, showing a win rate of 60.42% with an average market move of 0.99%.


Market Conditions for NVT as at Mar 26, 2020

Loading Market Conditions for NVT (nVent Electric plc)...
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