OKE pushes through Monday's high
ONEOK Inc. (OKE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, OKE ended the month -9.46% lower at 33.22 after gaining $1.41 (4.43%) today, notably outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 32.10, the stock confirmed its breakout through the prior session high after trading up to $1.30 above it intraday.
Daily Candlestick Chart (OKE as at Jun 30, 2020):
Tuesday's trading range has been $2.20 (7.01%), that's slightly below the last trading month's daily average range of $2.30. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for OKE.
One bullish candlestick pattern matches today's price action, the White Candle.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for ONEOK. Out of 299 times, OKE closed higher 56.52% 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 65.89% with an average market move of 1.30%.