ROK closes higher for the 2nd day in a row
Rockwell Automation Inc. (ROK) Technical Analysis Report for Jul 06, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ROK ended Monday at 214.59 gaining $3.60 (1.71%), slightly outperforming the S&P 500 (1.59%). Today's close at 214.59 marks the highest recorded closing price since June 10th. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ROK as at Jul 06, 2020):
Monday's trading range has been $3.12 (1.45%), that's far below the last trading month's daily average range of $5.80. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ROK.
The stock managed to close above the 20-day moving average at 211.42 for the first time since June 10th. When this moving average was crossed above the last time on April 6th, ROK gained 1.70% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Rockwell Automation. Out of 403 times, ROK closed higher 60.79% 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 53.60% with an average market move of 0.59%.