ROP pushes through key technical resistance level
Roper Technologies Inc. (ROP) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
ROP finished the week 1.89% higher at 392.73 after gaining $4.34 (1.12%) today on low volume, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 392.73 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 391.56, Roper Technologies confirmed its breakout through the previous session high after trading up to $1.21 above it intraday.
Daily Candlestick Chart (ROP as at Feb 14, 2020):
Friday's trading range has been $4.56 (1.17%), that's below the last trading month's daily average range of $6.26. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ROP.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on December 12, 2019, ROP actually gained 1.08% on the following trading day.
Buyers managed to take out the key technical resistance level at 390.84 (now S1), which is likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 395.00 where further buy stops could get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Roper Technologies. Out of 795 times, ROP closed higher 54.09% 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 57.74% with an average market move of 0.87%.