PUMP fails to close above 50-day moving average
ProPetro Holding Corp. (PUMP) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, PUMP ended the week 7.28% higher at 10.32 after edging higher $0.10 (0.98%) today on low volume, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading up to $0.18 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 10.26, ProPetro Holding confirmed its breakout through the previous session high after trading up to $0.18 above it intraday.
Daily Candlestick Chart (PUMP as at Feb 14, 2020):
Friday's trading range has been $0.38 (3.71%), that's below the last trading month's daily average range of $0.49. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PUMP.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
After spiking up to 10.44 during the day, the share found resistance at the 50-day moving average at 10.44. The last time this happened on February 5th, PUMP lost -6.37% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 10.49 where further buy stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for ProPetro Holding. Out of 184 times, PUMP closed higher 55.98% 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 58.70% with an average market move of 1.74%.