OII closes higher for the 2nd day in a row
Oceaneering International Inc. (OII) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, OII finished Wednesday at 4.42 gaining $0.23 (5.49%), significantly outperforming the S&P 500 (-0.46%). Closing above Tuesday's high at 4.28, the share confirmed its breakout through the prior session high after trading up to $0.30 above it intraday.
Daily Candlestick Chart (OII as at Sep 16, 2020):
Wednesday's trading range has been $0.53 (12.62%), that's far above the last trading month's daily average range of $0.35. 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 higher than usual for OII.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Oceaneering. Out of 319 times, OII closed higher 50.78% of the time on the next trading day after the market condition occurred.