TEL climbs to highest close since April 18, 2018
TE Connectivity Ltd. New Switzerland Registered Shares (TEL) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, TEL finished Wednesday at 101.87 gaining $0.92 (0.91%), notably outperforming the S&P 500 (-0.46%). Today's close at 101.87 marks the highest recorded closing price since April 18, 2018. Trading $0.95 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on August 27th, TEL actually gained 2.61% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (TEL as at Sep 16, 2020):
Wednesday's trading range has been $1.88 (1.84%), that's slightly below the last trading month's daily average range of $2.02. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TEL.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for TE Connectivity. Out of 89 times, TEL closed higher 56.18% 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 60.67% with an average market move of 0.63%.