PLD dominated by bulls lifting the market higher throughout the day
Prologis Inc. (PLD) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
PLD ended the week 4.73% higher at 97.55 after gaining $1.08 (1.12%) today, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 97.55 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 97.09, the share confirmed its breakout through the prior session high after trading up to $0.55 above it intraday.
Daily Candlestick Chart (PLD as at Feb 14, 2020):
Friday's trading range has been $1.02 (1.05%), that's below the last trading month's daily average range of $1.63. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for PLD.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on January 10th, PLD gained 2.64% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 96.10 where further sell stops might get activated.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Prologis. Out of 89 times, PLD closed higher 53.93% 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 60.67% with an average market move of 1.14%.