R rises to highest close since December 3, 2018


Ryder System Inc. (R) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team

Highlights

R pushes through key technical resistance level
R rises to highest close since December 3, 2018
R closes higher for the 9th day in a row
R pushes through Thursday's high

Overview

Moving higher for the 9th day in a row, R finished the week 7.33% higher at 55.62 after gaining $0.51 (0.93%) today, significantly outperforming the Dow Comp. (-0.08%). Today's close at 55.62 marks the highest recorded closing price since December 3, 2018. Closing above Thursday's high at 55.60, Ryder System confirmed its breakout through the previous session high after trading up to $0.75 above it intraday.

Daily Candlestick Chart (R as at Jan 11, 2019):

Daily technical analysis candlestick chart for Ryder System Inc. (R) as at Jan 11, 2019

Friday's trading range has been $1.84 (3.34%), that's slightly below the last trading month's daily average range of $1.97. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for R.

One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on December 31, 2018, R gained 1.37% on the following trading day.

Buyers managed to take out the key technical resistance level at 55.50 (now S1), which is likely to act as support going forward.

With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 49.66.

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Further buying could move prices higher should the market test December's close-by high at 58.23.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "9 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Ryder System. Out of 4 times, R closed lower 75.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after three trading days, showing a win rate of 75.00% with an average market move of -1.36%.


Market Conditions for R as at Jan 11, 2019

Loading Market Conditions for R (Ryder System Inc.)...
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