QRVO dominated by bulls lifting the market higher throughout the day
Qorvo Inc. (QRVO) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, QRVO finished the month 5.53% higher at 110.53 after gaining $3.10 (2.89%) today, significantly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (QRVO as at Jun 30, 2020):
Tuesday's trading range has been $3.82 (3.54%), that's slightly above the last trading month's daily average range of $3.45. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for QRVO.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 15th, QRVO gained 2.61% on the following trading day.
Though the stock is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Qorvo. Out of 217 times, QRVO closed higher 55.76% 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 58.53% with an average market move of 1.08%.