PH closes higher for the 2nd day in a row
Parker-Hannifin Corporation (PH) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PH finished the month 1.83% higher at 183.27 after gaining $3.70 (2.06%) today, 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 180.22, the market confirmed its breakout through the prior session high after trading up to $4.70 above it intraday.
Daily Candlestick Chart (PH as at Jun 30, 2020):
Tuesday's trading range has been $6.81 (3.82%), that's slightly below the last trading month's daily average range of $7.34. 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 PH.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 185.57 (R1).
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might speed up should prices move above the close-by swing high at 186.21 where further buy stops could get activated.
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 Parker-Hannifin. Out of 342 times, PH closed higher 56.43% 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 57.02% with an average market move of 0.88%.