ST closes higher for the 4th day in a row
Sensata Technologies Holding plc (ST) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, ST finished Wednesday at 44.11 gaining $0.97 (2.25%) on high volume, strongly outperforming the S&P 500 (-0.46%). Today's close at 44.11 marks the highest recorded closing price since February 24th.
Daily Candlestick Chart (ST as at Sep 16, 2020):
Wednesday's trading range has been $1.44 (3.32%), that's above the last trading month's daily average range of $1.05. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ST.
Buyers managed to take out the key technical resistance level at 43.75 (now S1), which is likely to act as support going forward. The last time this happened on September 9th, ST actually lost -2.11% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Sensata Technologies. Out of 229 times, ST closed higher 54.59% 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 57.21% with an average market move of 0.93%.