R finds buyers at key support level
Ryder System Inc. (R) Technical Analysis Report for Mar 27, 2020 | by Techniquant Editorial Team
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):
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%.