PLD closes higher for the 2nd day in a row
Prologis Inc. (PLD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PLD ended the month 1.98% higher at 93.31 after gaining $2.14 (2.35%) 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 91.61, the stock confirmed its breakout through the prior session high after trading up to $2.63 above it intraday.
Daily Candlestick Chart (PLD as at Jun 30, 2020):
Tuesday's trading range has been $3.20 (3.51%), that's slightly above the last trading month's daily average range of $2.91. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PLD.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a White Candle showed up on June 25th, PLD actually lost -1.79% on the following trading day.
After spiking up to 94.24 during the day, the share found resistance at the 20-day moving average at 93.89.
Though the market is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Prologis. Out of 494 times, PLD closed higher 51.62% 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 58.10% with an average market move of 0.43%.