PNR still stuck within tight trading range
Pentair plc. (PNR) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
PNR finished the month 12.79% higher at 42.85 after edging higher $0.11 (0.26%) today on high volume, underperforming the S&P 500 (0.77%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (PNR as at Jul 31, 2020):
Friday's trading range has been $0.86 (2.03%), that's below the last trading month's daily average range of $1.10. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PNR. Prices continued to consolidate within a tight trading range between 42.02 and 43.81 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Wednesday, PNR actually lost -2.15% on the following trading day.
Prices are trading close to the key technical resistance level at 42.95 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 43.81 where further buy stops might get triggered.
Among the four 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 590 times, PNR closed higher 53.05% 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 53.56% with an average market move of 0.39%.