RYN pushes through Monday's high
Rayonier Inc. REIT (RYN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, RYN ended the month 4.38% higher at 24.79 after gaining $0.39 (1.6%) today, slightly outperforming 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 24.75, the stock confirmed its breakout through the previous session high after trading up to $0.19 above it intraday.
Daily Candlestick Chart (RYN as at Jun 30, 2020):
Tuesday's trading range has been $0.54 (2.21%), that's below the last trading month's daily average range of $0.78. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for RYN. Prices continued to consolidate within a tight trading range between 23.87 and 24.94 where it has been caught now for the whole last trading week.
Despite a weak opening the market managed to close above the prior day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on June 15th, RYN gained 2.75% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
Rayonier managed to close back above the 100-day moving average at 24.39 for the first time since June 24th. Prices are trading close to the key technical resistance level at 25.26 (R1).
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the nearby swing high at 24.95 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 23.87 where further sell stops could get triggered. As prices are trading close to June's high at 26.14, upside momentum might accelerate should the share mark new highs for the month.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Rayonier. Out of 312 times, RYN closed higher 54.81% 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 seven trading days, showing a win rate of 54.81% with an average market move of 0.01%.