R rises to highest close since February 13th
Ryder System Inc. (R) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
R ended Wednesday at 43.63 surging $1.31 (3.1%) on high volume, strongly outperforming the Dow Comp. (0.17%). Today's close at 43.63 marks the highest recorded closing price since February 13th.
Daily Candlestick Chart (R as at Sep 16, 2020):
Wednesday's trading range has been $1.64 (3.83%), that's slightly above the last trading month's daily average range of $1.42. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for R.
Unable to break through the key technical resistance level at 44.05 (R1), the stock closed below it after spiking up to 44.28 earlier during the day. The failure to close above the resistance might increase that levels importance going forward.
Crossing above the upper Bollinger Band for the first time since July 17th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 41.14 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on July 15th, R gained 2.32% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Trading close to July's high at 44.39 we could see further upside momentum if potential buy stops at the level get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for Ryder System. Out of 74 times, R closed higher 54.05% 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 three trading days, showing a win rate of 56.76% with an average market move of 0.15%.