ROP finds buyers again around 431.20
Roper Technologies Inc. (ROP) Technical Analysis Report for Aug 04, 2020 | by Techniquant Editorial Team
ROP finished Tuesday at 433.41 losing $1.79 (-0.41%), underperforming the S&P 500 (0.36%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ROP as at Aug 04, 2020):
Tuesday's trading range has been $4.13 (0.96%), that's far below the last trading month's daily average range of $8.59. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ROP.
After having been unable to move lower than 431.30 in the previous session, the market found buyers again around the same price level today at 431.20. The last time this happened on July 30th, ROP actually lost -0.08% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 441.38 where further buy stops could get activated.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Roper Technologies. Out of 550 times, ROP closed higher 53.82% 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 62.73% with an average market move of 0.92%.