PLD dominated by bulls lifting the market higher throughout the day
Prologis Inc. (PLD) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, PLD ended Thursday at 77.69 gaining $5.50 (7.62%) on low volume, strongly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 75.33, the market confirmed its breakout through the prior session high after trading up to $2.97 above it intraday.
Daily Candlestick Chart (PLD as at Mar 26, 2020):
Thursday's trading range has been $6.94 (9.59%), that's above the last trading month's daily average range of $5.73. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for PLD.
One bullish candlestick pattern matches today's price action, the White Candle.
The stock managed to close above the 20-day moving average at 76.28 for the first time since March 4th. When this moving average was crossed above the last time on March 4th, PLD actually lost -4.94% on the following trading day. Prices are trading close to the key technical resistance level at 81.02 (R1).
Although the share is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for Prologis. Out of 149 times, PLD closed higher 55.03% 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 57.05% with an average market move of -0.01%.