ROK climbs to highest close since June 5th
Rockwell Automation Inc. (ROK) Technical Analysis Report for Jul 21, 2020 | by Techniquant Editorial Team
ROK ended Tuesday at 226.83 surging $4.39 (1.97%), notably outperforming the S&P 500 (0.17%). Today's close at 226.83 marks the highest recorded closing price since June 5th.
Daily Candlestick Chart (ROK as at Jul 21, 2020):
Tuesday's trading range has been $4.80 (2.1%), that's slightly above the last trading month's daily average range of $4.61. 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 ROK.
Prices are trading close to the key technical resistance level at 227.19 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 221.42 where further sell stops might get triggered. With prices trading close to this year's high at 230.71, upside momentum could speed up should Rockwell Automation be able to break out to new highs for the year.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Rockwell Automation. Out of 707 times, ROK closed higher 53.61% 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 56.01% with an average market move of 0.86%.