PNR pushes through Wednesday's high
Pentair plc. (PNR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, PNR ended Thursday at 30.41 gaining $1.40 (4.83%), significantly underperforming the S&P 500 (6.24%). Closing above Wednesday's high at 29.67, the market confirmed its breakout through the previous session high after trading up to $1.34 above it intraday.
Daily Candlestick Chart (PNR as at Mar 26, 2020):
Thursday's trading range has been $1.99 (6.78%), that's slightly below the last trading month's daily average range of $2.36. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for PNR.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Pentair plc.. Out of 593 times, PNR closed higher 52.95% 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 52.28% with an average market move of 0.09%.