TCO closes higher for the 3rd day in a row
Taubman Centers Inc. (TCO) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, TCO finished Wednesday at 36.60 gaining $0.56 (1.55%), significantly outperforming the S&P 500 (-0.46%). Trading up to $0.38 lower after the open, Taubman Centers managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Tuesday's high at 36.22, the market confirmed its breakout through the prior session high after trading up to $0.43 above it intraday.
Daily Candlestick Chart (TCO as at Sep 16, 2020):
Wednesday's trading range has been $0.90 (2.49%), that's slightly above the last trading month's daily average range of $0.86. 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 TCO.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on September 4th, TCO actually lost -1.99% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Its common bullish interpretation has been confirmed for Taubman Centers. Out of 589 times, TCO closed higher 51.10% 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 53.14% with an average market move of 0.17%.