ODFL climbs to highest close ever
Old Dominion Freight Line Inc. (ODFL) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ODFL finished the week 6.53% higher at 158.79 after gaining $2.88 (1.85%) today, notably outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Today's close at 158.79 marks the highest recorded closing price ever. Closing above Thursday's high at 157.37, the stock confirmed its breakout through the previous session high after trading up to $2.53 above it intraday.
Daily Candlestick Chart (ODFL as at May 22, 2020):
Friday's trading range has been $4.65 (2.97%), that's slightly above the last trading month's daily average range of $4.54. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for ODFL.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on May 11th, ODFL actually lost -0.78% 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 close-by swing low at 153.66 where further sell stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Old Dominion. Out of 640 times, ODFL closed higher 54.22% 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 60.78% with an average market move of 1.41%.