R declines to lowest close since January 30th
Ryder System Inc. (R) Technical Analysis Report for May 17, 2019 | by Techniquant Editorial Team
R finished the week -4.17% lower at 57.70 after tanking $2.85 (-4.71%) today, significantly underperforming the Dow Comp. (-0.42%). This is the biggest single-day loss in over three weeks. Today's close at 57.70 marks the lowest recorded closing price since January 30th. The bears were in full control today, moving the market lower throughout the whole session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (R as at May 17, 2019):
Friday's trading range has been $2.17 (3.65%), that's slightly above the last trading month's daily average range of $1.85. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for R.
One bearish candlestick pattern matches today's price action, the Black Candle.
The stock closed back below the 100-day moving average at 59.61. When this moving average was crossed below the last time on Monday, R actually gained 2.59% on the following trading day.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 100" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Ryder System. Out of 61 times, R closed higher 55.74% 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 60.66% with an average market move of 1.18%.