PNR closes higher for the 4th day in a row
Pentair plc. (PNR) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, PNR ended Wednesday at 45.88 gaining $0.77 (1.71%) on high volume, notably outperforming the S&P 500 (-0.46%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (PNR as at Sep 16, 2020):
Wednesday's trading range has been $0.99 (2.14%), that's slightly above the last trading month's daily average range of $0.99. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PNR.
The stock managed to close back above the 20-day moving average at 45.28 for the first time since September 2nd. When this moving average was crossed above the last time on July 9th, PNR gained 0.39% on the following trading day. Prices are trading close to the key technical resistance level at 46.33 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 47.43, upside momentum might speed up should Pentair plc. be able to break out to new highs for the year. Further buying could move prices higher should the market test August's close-by high at 46.77.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Pentair plc.. Out of 80 times, PNR closed higher 57.50% 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 eight trading days, showing a win rate of 57.50% with an average market move of 0.10%.