OLED climbs to highest close since January 24, 2018
Universal Display Corporation (OLED) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, OLED ended Tuesday at 172.84 edging higher $0.20 (0.12%), slightly outperforming the S&P 500 (0.05%). Today's close at 172.84 marks the highest recorded closing price since January 24, 2018. Trading $1.57 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on March 28th, OLED actually gained 0.45% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (OLED as at Apr 16, 2019):
Tuesday's trading range has been $2.81 (1.62%), that's below the last trading month's daily average range of $4.26. 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 OLED.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Universal Display. Out of 241 times, OLED closed higher 52.70% 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 58.09% with an average market move of 3.10%.