PNR dominated by bulls lifting the market higher throughout the day
Pentair plc. (PNR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PNR ended the month -2.94% lower at 37.99 after gaining $0.62 (1.66%) today, slightly 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 37.71, Pentair plc. confirmed its breakout through the prior session high after trading up to $0.52 above it intraday.
Daily Candlestick Chart (PNR as at Jun 30, 2020):
Tuesday's trading range has been $1.08 (2.91%), that's below the last trading month's daily average range of $1.33. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower 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 38.64 (R1).
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the nearby swing high at 38.64 where further buy stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Pentair plc.. Out of 289 times, PNR closed higher 56.40% 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 52.25% with an average market move of 0.33%.