TEL closes lower for the 2nd day in a row


TE Connectivity Ltd. New Switzerland Registered Shares (TEL) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team

Highlights

TEL closes above its opening price after recovering from early selling pressure
TEL finds buyers at key support level
TEL closes lower for the 2nd day in a row
TEL closes within previous day's range

Overview

Moving lower for the 2nd day in a row, TEL ended the month 9.22% higher at 89.07 after edging lower $0.13 (-0.15%) today, underperforming the S&P 500 (0.77%). Trading up to $1.30 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on July 20th, TEL gained 1.10% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (TEL as at Jul 31, 2020):

Daily technical analysis candlestick chart for TE Connectivity Ltd. New Switzerland Registered Shares (TEL) as at Jul 31, 2020

Friday's trading range has been $1.67 (1.88%), that's slightly below the last trading month's daily average range of $2.14. 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 higher than usual for TEL.

Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and one bearish pattern, the Hanging Man.

After trading down to 87.46 earlier during the day, the market bounced off the key technical support level at 88.03 (S1). The failure to close below the support could increase that levels significance as support going forward.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying might speed up should prices move above the close-by swing high at 90.99 where further buy stops could get triggered. Further buying might move prices higher should the market test June's nearby high at 92.91.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for TE Connectivity. Out of 373 times, TEL closed higher 58.18% 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 54.16% with an average market move of 0.38%.


Market Conditions for TEL as at Jul 31, 2020

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