TEX closes higher for the 3rd day in a row


Terex Corporation (TEX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

TEX closes higher for the 3rd day in a row
TEX pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, TEX finished Thursday at 14.98 gaining $1.64 (12.29%), significantly outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 14.10, the share confirmed its breakout through the prior session high after trading up to $0.99 above it intraday.

Daily Candlestick Chart (TEX as at Mar 26, 2020):

Daily technical analysis candlestick chart for Terex Corporation (TEX) as at Mar 26, 2020

Thursday's trading range has been $2.25 (16.69%), that's far above the last trading month's daily average range of $1.64. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TEX.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 19th, TEX actually lost -2.47% on the following trading day.

Prices are trading close to the key technical resistance level at 15.50 (R1).

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

Buying might accelerate should prices move above the nearby swing high at 15.50 where further buy stops could get triggered.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Terex. Out of 156 times, TEX closed higher 55.13% 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 57.69% with an average market move of 0.77%.


Market Conditions for TEX as at Mar 26, 2020

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