TTC closes higher for the 6th day in a row
Toro Company (TTC) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, TTC ended Wednesday at 85.51 gaining $1.25 (1.48%), notably outperforming the S&P 500 (-0.46%). Today's close at 85.51 marks the highest recorded closing price ever. Trading up to $0.63 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on September 8th, TTC gained 1.75% on the following trading day.
Daily Candlestick Chart (TTC as at Sep 16, 2020):
Wednesday's trading range has been $1.86 (2.2%), that's slightly above the last trading month's daily average range of $1.54. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for TTC.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Toro. Out of 22 times, TTC closed lower 63.64% of the time on the next trading day after the market condition occurred.