TRU closes above its opening price after recovering from early selling pressure
TransUnion (TRU) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, TRU finished the week 0.84% higher at 75.38 after gaining $0.40 (0.53%) today, slightly outperforming the S&P 500 (0.46%). Today's close at 75.38 marks the highest recorded closing price since September 20, 2018. Trading up to $0.42 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 75.04, the market confirmed its breakout through the prior session high after trading up to $0.50 above it intraday.
Daily Candlestick Chart (TRU as at Jul 12, 2019):
Friday's trading range has been $0.96 (1.28%), that's slightly below the last trading month's daily average range of $1.01. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for TRU.
After trading down to 74.58 earlier during the day, TransUnion bounced off the key technical support level at 74.80 (S1). The failure to close below the support might increase that levels significance as support going forward. When prices bounced off a significant support level the last time on July 2nd, TRU gained 1.19% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for TransUnion. Out of 167 times, TRU closed higher 61.08% 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 61.68% with an average market move of 1.18%.