TROW closes higher for the 2nd day in a row
T. Rowe Price Group Inc. (TROW) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TROW finished the month 2.15% higher at 123.50 after gaining $2.68 (2.22%) today, outperforming the S&P 500 (1.54%).
Daily Candlestick Chart (TROW as at Jun 30, 2020):
Tuesday's trading range has been $4.10 (3.39%), that's slightly above the last trading month's daily average range of $3.70. 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 lower than usual for TROW.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a White Candle showed up on June 25th, TROW actually lost -2.93% on the following trading day.
Unable to break through the key technical resistance level at 123.97 (R1), the share closed below it after spiking up to 124.47 earlier during the day. The failure to close above the resistance might increase that levels importance going forward.
T. Rowe shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for T. Rowe. Out of 111 times, TROW closed higher 57.66% 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 57.66% with an average market move of 0.42%.