NWL closes higher for the 3rd day in a row
Newell Brands Inc. (NWL) Technical Analysis Report for Oct 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, NWL ended the week 2.21% higher at 18.95 after gaining $0.10 (0.53%) today, underperforming the S&P 500 (1.09%). Today's close at 18.95 marks the highest recorded closing price since February 14th. Trading $0.24 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Tuesday, NWL actually gained 1.68% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (NWL as at Oct 11, 2019):
Friday's trading range has been $0.43 (2.26%), that's slightly below the last trading month's daily average range of $0.52. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NWL.
Two candlestick patterns are matching today's price action, the Bearish Hikkake Pattern and the Bearish Spinning Top which are both known as bearish patterns.
Prices are trading close to the key technical support level at 18.68 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying might move prices higher should the market test September's close-by high at 19.65.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Newell Brands. Out of 126 times, NWL closed higher 52.38% of the time on the next trading day after the market condition occurred.