OKE closes higher for the 3rd day in a row
ONEOK Inc. (OKE) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, OKE finished Thursday at 24.36 gaining $1.25 (5.41%), underperforming the S&P 500 (6.24%). Trading up to $1.22 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (OKE as at Mar 26, 2020):
Thursday's trading range has been $2.76 (11.77%), that's below the last trading month's daily average range of $4.84. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for OKE. Prices continued to consolidate within a tight trading range between 18.59 and 24.99 where it has been caught now for the whole last trading week.
Unable to break through the key technical resistance level at 24.85 (R1), the market closed below it after spiking up to 24.99 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on March 20th, OKE lost -5.18% on the following trading day. After having been unable to move above 24.80 in the previous session, the stock ran into sellers again around the same price level today, missing to move higher than 24.99.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for ONEOK. Out of 181 times, OKE closed higher 53.04% 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 59.12% with an average market move of 0.44%.