ROK drops to lowest close since January 17th
Rockwell Automation Inc. (ROK) Technical Analysis Report for May 17, 2019 | by Techniquant Editorial Team
ROK finished the week -3.71% lower at 160.32 after losing $2.66 (-1.63%) today, notably underperforming the S&P 500 (-0.58%). Today's close at 160.32 marks the lowest recorded closing price since January 17th. Trading $1.82 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on May 8th, ROK lost -0.94% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (ROK as at May 17, 2019):
Friday's trading range has been $2.72 (1.69%), that's slightly below the last trading month's daily average range of $3.30. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for ROK.
Prices are trading close to the key technical support level at 159.85 (S1).
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. Its common bullish interpretation has been confirmed for Rockwell Automation. Out of 253 times, ROK closed higher 55.73% 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 63.64% with an average market move of 1.43%.