TROW finds buyers again around 136.11
T. Rowe Price Group Inc. (TROW) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
TROW finished the week -0.61% lower at 137.39 after gaining $0.97 (0.71%) today on low volume, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (TROW as at Feb 14, 2020):
Friday's trading range has been $1.38 (1.01%), that's far below the last trading month's daily average range of $2.53. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TROW.
After moving lower in the prior session, the market managed to close higher but below the previous day's open, forming a bullish Harami Candle. The last time this candlestick pattern showed up on December 24, 2019, TROW gained 0.55% on the following trading day. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
After having been unable to move lower than 136.13 in the prior session, T. Rowe found buyers again around the same price level today at 136.11.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Harami Candle" stand out. Its common bullish interpretation has been confirmed for T. Rowe. Out of 49 times, TROW closed higher 55.10% 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 53.06% with an average market move of 1.01%.