OKE dominated by bulls lifting the market higher throughout the day
ONEOK Inc. (OKE) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
OKE ended Wednesday at 28.07 surging $1.78 (6.77%) on high volume, significantly outperforming the S&P 500 (-0.46%). This is the biggest single-day gain in over three months. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 27.64, the share confirmed its breakout through the previous session high after trading up to $0.82 above it intraday.
Daily Candlestick Chart (OKE as at Sep 16, 2020):
Wednesday's trading range has been $2.00 (7.54%), that's far above the last trading month's daily average range of $0.99. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for OKE.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close above the 50-day moving average at 28.02 for the first time since June 23rd. When this moving average was crossed above the last time on May 11th, OKE gained 4.97% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. Its common bullish interpretation has been confirmed for ONEOK. Out of 115 times, OKE closed higher 55.65% 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 66.09% with an average market move of 1.21%.