ROP closes below its opening price unable to hold early session gains
Roper Technologies Inc. (ROP) Technical Analysis Report for Oct 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ROP finished the week -0.65% lower at 342.48 after gaining $2.43 (0.71%) today, slightly underperforming the S&P 500 (1.09%). Trading $4.26 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Tuesday, ROP actually gained 1.75% 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 (ROP as at Oct 11, 2019):
Friday's trading range has been $6.29 (1.83%), that's slightly below the last trading month's daily average range of $6.52. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ROP.
Prices are trading close to the key technical resistance level at 343.48 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Roper Technologies. Out of 373 times, ROP closed higher 52.82% 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 64.08% with an average market move of 1.15%.