PH closes higher for the 2nd day in a row
Parker-Hannifin Corporation (PH) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PH ended Monday at 182.96 gaining $2.99 (1.66%), significantly outperforming the S&P 500 (0.38%). Closing above Friday's high at 182.08, the stock confirmed its breakout through the previous session high after trading up to $2.65 above it intraday.
Daily Candlestick Chart (PH as at Jun 01, 2020):
Monday's trading range has been $5.21 (2.88%), that's below the last trading month's daily average range of $6.49. 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 PH.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the nearby swing high at 185.57 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 176.44 where further sell stops might get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Parker-Hannifin. Out of 668 times, PH closed higher 52.69% 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 56.29% with an average market move of 0.88%.