RSG finds buyers again around 80.51
Republic Services Inc. (RSG) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, RSG ended the month -3.99% lower at 82.05 after gaining $0.96 (1.18%) today, slightly underperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 81.39, Republic Services confirmed its breakout through the prior session high after trading up to $1.13 above it intraday.
Daily Candlestick Chart (RSG as at Jun 30, 2020):
Tuesday's trading range has been $2.01 (2.49%), that's slightly below the last trading month's daily average range of $2.03. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for RSG.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 26th, RSG gained 0.71% on the following trading day.
The stock managed to close back above the 50-day moving average at 81.58 for the first time since June 18th. After having been unable to move lower than 80.38 in the previous session, the market found buyers again around the same price level today at 80.51.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might accelerate should prices move above the nearby swing high at 82.64 where further buy stops could get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Republic Services. Out of 510 times, RSG closed higher 56.67% 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 57.84% with an average market move of 0.37%.