TDY breaks above 20-day moving average for the first time since February 21st
Teledyne Technologies Incorporated (TDY) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, TDY finished Thursday at 305.53 gaining $18.74 (6.53%), slightly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 301.31, the share confirmed its breakout through the previous session high after trading up to $4.22 above it intraday.
Daily Candlestick Chart (TDY as at Mar 26, 2020):
Thursday's trading range has been $15.47 (5.29%), that's below the last trading month's daily average range of $22.26. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for TDY.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close above the 20-day moving average at 292.82 for the first time since February 21st. Prices are trading close to the key technical resistance level at 318.14 (R1). After having been unable to move above 301.31 in the prior session, Teledyne Technologies ran into sellers again around the same price level today, missing to move higher than 305.53. The last time this happened on March 16th, TDY actually gained 2.36% on the following trading day.
While the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Teledyne Technologies. Out of 19 times, TDY closed higher 63.16% of the time on the next trading day after the market condition occurred.