R finds buyers at key support level


Ryder System Inc. (R) Technical Analysis Report for Mar 27, 2020 | by Techniquant Editorial Team

Highlights

R closes above its opening price after recovering from early selling pressure
R finds buyers at key support level
R ends the day indecisive

Overview

R ended the week 0.38% higher at 26.49 after losing $1.30 (-4.68%) today on low volume, strongly underperforming the Dow Comp. (-3.33%). Trading up to $1.05 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (R as at Mar 27, 2020):

Daily technical analysis candlestick chart for Ryder System Inc. (R) as at Mar 27, 2020

Friday's trading range has been $2.03 (7.77%), that's below the last trading month's daily average range of $2.85. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for R.

Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern and the Bullish Spinning Top which are both known as bullish patterns.

After trading down to 25.06 earlier during the day, the share bounced off the key technical support level at 25.54 (S1). The failure to close below the support might increase that levels importance as support going forward. When prices bounced off a significant support level the last time on Wednesday, R gained 3.66% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying could accelerate should prices move above the nearby swing high at 28.94 where further buy stops might get triggered.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for Ryder System. Out of 204 times, R closed higher 58.33% 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 55.88% with an average market move of 0.28%.


Market Conditions for R as at Mar 27, 2020

Loading Market Conditions for R (Ryder System Inc.)...
Latest Report:

R closes higher for the 2nd day in a row

May 27, 2020
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Ryder System Inc. traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!