OZK dominated by bulls lifting the market higher throughout the day
Bank OZK (OZK) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, OZK finished the month 4.36% higher at 23.47 after gaining $0.91 (4.03%) 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 23.17, the stock confirmed its breakout through the previous session high after trading up to $0.42 above it intraday.
Daily Candlestick Chart (OZK as at Jun 30, 2020):
Tuesday's trading range has been $1.08 (4.8%), that's below the last trading month's daily average range of $1.39. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for OZK. Prices continued to consolidate within a tight trading range between 22.00 and 23.82 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, OZK actually lost -6.13% on the following trading day.
Prices are trading close to the key technical resistance level at 23.90 (R1).
Bank OZK 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 Bank OZK. Out of 282 times, OZK closed higher 53.55% 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 54.26% with an average market move of 0.62%.