OKE pops to highest close since January 17th
ONEOK Inc. (OKE) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
OKE finished the week 2.15% higher at 76.98 after gaining $0.76 (1.0%) today, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 76.98 marks the highest recorded closing price since January 17th. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (OKE as at Feb 14, 2020):
Friday's trading range has been $0.62 (0.81%), that's far below the last trading month's daily average range of $0.97. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for OKE.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on January 30th, OKE actually lost -0.80% on the following trading day.
Buyers managed to take out the key technical resistance level at 76.54 (now S1), which is likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 77.26, upside momentum might accelerate should the stock be able to break out to new highs for the year.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for ONEOK. Out of 240 times, OKE closed higher 59.17% 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 62.92% with an average market move of 1.05%.