PDM rises to highest close ever


Piedmont Office Realty Trust Inc. Class A (PDM) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

PDM rises to highest close ever
PDM closes above its opening price after recovering from early selling pressure
PDM unable to break through key resistance level
PDM closes higher for the 2nd day in a row
PDM ends the day indecisive

Overview

Moving higher for the 2nd day in a row, PDM ended the week 2.17% higher at 24.45 after gaining $0.12 (0.49%) today, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 24.45 marks the highest recorded closing price ever. Trading up to $0.15 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (PDM as at Feb 14, 2020):

Daily technical analysis candlestick chart for Piedmont Office Realty Trust Inc. Class A (PDM) as at Feb 14, 2020

Friday's trading range has been $0.31 (1.27%), that's slightly below the last trading month's daily average range of $0.37. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for PDM.

Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bullish Spinning Top showed up on January 6th, PDM actually lost -1.03% on the following trading day.

Unable to break through the key technical resistance level at 24.50 (R1), the share closed below it after spiking up to 24.56 earlier during the day. The failure to close above the resistance could increase that levels importance going forward.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Piedmont Office. Out of 107 times, PDM closed higher 53.27% 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 59.81% with an average market move of 0.86%.


Market Conditions for PDM as at Feb 14, 2020

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