TDY misses to close above 100-day moving average
Teledyne Technologies Incorporated (TDY) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
TDY finished Wednesday at 321.81 gaining $2.25 (0.7%), notably outperforming the S&P 500 (-0.46%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (TDY as at Sep 16, 2020):
Wednesday's trading range has been $6.64 (2.07%), that's slightly below the last trading month's daily average range of $6.99. 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 slightly lower than usual for TDY.
Three candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and two bearish patterns, the Bearish Hikkake Pattern and the Shooting Star. The last time a Bearish Hikkake Pattern showed up on July 13th, TDY actually gained 2.54% on the following trading day.
After spiking up to 326.43 during the day, the share found resistance at the 100-day moving average at 324.68.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Teledyne Technologies. Out of 117 times, TDY closed higher 54.70% 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 63.25% with an average market move of 1.36%.