TEL dominated by bulls lifting the market higher throughout the day
TE Connectivity Ltd. New Switzerland Registered Shares (TEL) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TEL finished the month 0.37% higher at 81.55 after gaining $0.95 (1.18%) today, slightly underperforming 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 81.10, TE Connectivity confirmed its breakout through the previous session high after trading up to $1.03 above it intraday.
Daily Candlestick Chart (TEL as at Jun 30, 2020):
Tuesday's trading range has been $2.13 (2.66%), that's slightly below the last trading month's daily average range of $2.66. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TEL.
One bullish candlestick pattern matches today's price action, the White Candle.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might accelerate should prices move above the close-by swing high at 82.61 where further buy stops could get triggered.
Among the six 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 TE Connectivity. Out of 372 times, TEL closed higher 52.96% 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 60.75% with an average market move of 0.99%.