SMG pushes through Monday's high
Scotts Miracle-Gro Company (SMG) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SMG ended the month -5.68% lower at 134.47 after gaining $4.35 (3.34%) today, significantly 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 130.86, the share confirmed its breakout through the previous session high after trading up to $3.70 above it intraday.
Daily Candlestick Chart (SMG as at Jun 30, 2020):
Tuesday's trading range has been $5.35 (4.12%), that's slightly above the last trading month's daily average range of $4.67. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SMG.
One bullish candlestick pattern matches today's price action, the White Candle.
Scotts Miracle-Gro managed to close back above the 50-day moving average at 134.46 for the first time since June 17th. When this moving average was crossed above the last time on April 9th, SMG actually lost -0.42% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for Scotts Miracle-Gro. Out of 282 times, SMG closed higher 55.32% 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 58.51% with an average market move of 0.66%.