OFC pushes through Wednesday's high


Corporate Office Properties Trust (OFC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

OFC breaks above 20-day moving average for the first time since February 14th
OFC dominated by bulls lifting the market higher throughout the day
OFC closes higher for the 4th day in a row
OFC pushes through Wednesday's high

Overview

Moving higher for the 4th day in a row, OFC ended Thursday at 23.59 gaining $2.31 (10.86%), strongly 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 21.73, the stock confirmed its breakout through the prior session high after trading up to $2.22 above it intraday.

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

Daily technical analysis candlestick chart for Corporate Office Properties Trust (OFC) as at Mar 26, 2020

Thursday's trading range has been $2.93 (13.63%), that's above the last trading month's daily average range of $2.13. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for OFC.

One bullish candlestick pattern matches today's price action, the White Candle.

Corporate Office managed to close above the 20-day moving average at 22.99 for the first time since February 14th. When this moving average was crossed above the last time on February 14th, OFC actually lost -1.29% on the following trading day. Prices are trading close to the key technical resistance level at 24.15 (R1).

Though the share 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 eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Corporate Office. Out of 74 times, OFC closed higher 60.81% 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 eight trading days, showing a win rate of 59.46% with an average market move of 0.11%.


Market Conditions for OFC as at Mar 26, 2020

Loading Market Conditions for OFC (Corporate Office Properties Trust)...
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