R closes higher for the 2nd day in a row
Ryder System Inc. (R) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, R ended the month 9.49% higher at 37.51 after gaining $0.79 (2.15%) today, significantly outperforming the Dow Comp. (0.88%). Closing above Monday's high at 36.85, the stock confirmed its breakout through the prior session high after trading up to $0.89 above it intraday.
Daily Candlestick Chart (R as at Jun 30, 2020):
Tuesday's trading range has been $1.60 (4.38%), that's slightly below the last trading month's daily average range of $1.82. 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.
One bullish candlestick pattern matches today's price action, the White Candle.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the close-by swing high at 38.54 where further buy stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Ryder System. Out of 421 times, R closed higher 52.02% 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 four trading days, showing a win rate of 57.01% with an average market move of 0.32%.