R closes higher for the 3rd day in a row
Ryder System Inc. (R) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, R ended Thursday at 27.79 gaining $0.98 (3.66%), significantly underperforming the Dow Comp. (6.26%). Trading up to $0.58 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on March 13th, R actually lost -12.01% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (R as at Mar 26, 2020):
Thursday's trading range has been $1.68 (6.2%), that's far below the last trading month's daily average range of $2.89. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for R. Prices continued to consolidate within a tight trading range between 25.54 and 28.94 where it has been caught now for the last three trading days.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 25.54 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 28.94 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 25.54 where further sell stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Ryder System. Out of 167 times, R closed higher 52.69% 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 two trading days, showing a win rate of 56.89% with an average market move of 0.05%.