TTD surges, gaining $12.78 (6.88%) within a single day on high volume
The Trade Desk Inc. (TTD) Technical Analysis Report for Oct 11, 2019 | by Techniquant Editorial Team
TTD ended the week 5.69% higher at 198.43 after surging $12.78 (6.88%) today on high volume, strongly outperforming the S&P 500 (1.09%). This is the biggest single-day gain in over two months. The last time we've seen such an unusually strong single-day gain on August 8th, TTD actually lost -0.63% on the following trading day. Closing above Thursday's high at 193.61, the share confirmed its breakout through the previous session high after trading up to $8.29 above it intraday.
Daily Candlestick Chart (TTD as at Oct 11, 2019):
Friday's trading range has been $11.19 (5.79%), that's above the last trading month's daily average range of $9.47. 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 significantly lower than usual for TTD.
The Trade managed to close above the 20-day moving average at 195.55 for the first time since August 22nd.
Though the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for The Trade. Out of 33 times, TTD closed lower 60.61% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after two trading days, showing a win rate of 54.55% with an average market move of -0.13%.