PPG breaks back above 20-day moving average
PPG Industries Inc. (PPG) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PPG ended the month 4.32% higher at 106.06 after gaining $2.12 (2.04%) today, slightly outperforming the S&P 500 (1.54%). Trading up to $1.13 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 25th, PPG actually lost -0.61% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (PPG as at Jun 30, 2020):
Tuesday's trading range has been $2.88 (2.74%), that's slightly below the last trading month's daily average range of $3.22. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for PPG.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
The share managed to close back above the 20-day moving average at 105.85 for the first time since June 17th. Prices are trading close to the key technical resistance level at 107.83 (R1).
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for PPG. Out of 256 times, PPG closed higher 55.86% 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 57.03% with an average market move of 0.34%.