RSG closes higher for the 3rd day in a row
Republic Services Inc. (RSG) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, RSG ended Thursday at 77.40 gaining $5.66 (7.89%), significantly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 73.22, the share confirmed its breakout through the previous session high after trading up to $4.74 above it intraday.
Daily Candlestick Chart (RSG as at Mar 26, 2020):
Thursday's trading range has been $5.96 (8.23%), that's far above the last trading month's daily average range of $4.63. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for RSG.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 75.68 (now S1), which is likely to act as support going forward. The last time this happened on March 4th, RSG actually lost -1.70% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for Republic Services. Out of 599 times, RSG closed higher 53.92% 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 59.93% with an average market move of 0.39%.