TKR runs into sellers around 55.33 for the third day in a row


Timken Company (TKR) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

TKR runs into sellers around 55.33 for the third day in a row
TKR closes lower for the 2nd day in a row
TKR breaks below Thursday's low

Overview

Moving lower for the 2nd day in a row, TKR finished the week 1.46% higher at 54.09 after losing $1.02 (-1.85%) today, strongly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing below Thursday's low at 54.50, the share confirmed its breakout through the prior session low after trading up to $0.65 below it intraday.

Daily Candlestick Chart (TKR as at Feb 14, 2020):

Daily technical analysis candlestick chart for Timken Company (TKR) as at Feb 14, 2020

Friday's trading range has been $1.48 (2.69%), that's slightly above the last trading month's daily average range of $1.46. 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 higher than usual for TKR.

Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and one bearish pattern, the Black Candle. The last time a Bullish Hikkake Pattern showed up on February 7th, TKR actually lost -1.07% on the following trading day.

Prices are trading close to the key technical support level at 52.90 (S1). The stock ran into sellers again today around 55.33 for the third trading day in a row after having found sellers at 55.39 in the previous session and at 55.61 two days ago.

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

With prices trading close to this year's low at 52.35, downside momentum might accelerate should the market break out to new lows for the year.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior two Highs" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Timken. Out of 105 times, TKR closed higher 55.24% 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 seven trading days, showing a win rate of 56.19% with an average market move of 0.27%.


Market Conditions for TKR as at Feb 14, 2020

Loading Market Conditions for TKR (Timken Company)...
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