RL dominated by bulls lifting the market higher throughout the day
Ralph Lauren Corporation (RL) Technical Analysis Report for Aug 10, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, RL finished Monday at 68.68 surging $2.72 (4.12%), significantly outperforming the S&P 500 (0.27%). This is the biggest single-day gain in over three weeks. The bulls were in full control today, moving the market higher throughout the whole session.
Daily Candlestick Chart (RL as at Aug 10, 2020):
Monday's trading range has been $2.79 (4.18%), that's above the last trading month's daily average range of $2.45. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for RL.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on July 29th, RL actually lost -2.27% on the following trading day.
Prices are trading close to the key technical support level at 66.36 (S1). Prices are trading close to the key technical resistance level at 69.89 (R1).
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 69.63 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 "Gap Up" stand out. Its common bullish interpretation has been confirmed for Ralph Lauren. Out of 91 times, RL closed higher 53.85% of the time on the next trading day after the market condition occurred.