R closes above its opening price after recovering from early selling pressure
Ryder System Inc. (R) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
R finished Tuesday at 65.77 edging higher $0.33 (0.5%) on low volume, outperforming the Dow Comp. (-0.05%). Trading up to $0.45 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (R as at Apr 16, 2019):
Tuesday's trading range has been $1.23 (1.89%), that's slightly below the last trading month's daily average range of $1.27. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for R.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on April 11th, R gained 1.58% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 66.90 where further buy stops might get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Ryder System. Out of 454 times, R closed higher 50.00% 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 57.93% with an average market move of 0.79%.