PNR closes higher for the 2nd day in a row
Pentair plc. (PNR) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PNR finished the week -0.58% lower at 37.96 after surging $0.92 (2.48%) today, strongly outperforming the S&P 500 (0.46%). This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on March 18th, PNR gained 0.11% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (PNR as at Jul 12, 2019):
Friday's trading range has been $0.80 (2.14%), that's far above the last trading month's daily average range of $0.60. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PNR.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 38.37 (R1).
Although the stock is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could accelerate should prices move above the nearby swing high at 38.20 where further buy stops might get triggered.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. Its common bullish interpretation has been confirmed for Pentair plc.. Out of 118 times, PNR closed higher 56.78% 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 53.39% with an average market move of -0.04%.