TTD closes within prior day's range
The Trade Desk Inc. (TTD) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
TTD ended the week 4.8% higher at 305.30 after losing $1.27 (-0.41%) today, underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading $4.05 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on February 6th, TTD actually gained 0.91% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (TTD as at Feb 14, 2020):
Friday's trading range has been $10.68 (3.45%), that's slightly below the last trading month's daily average range of $12.00. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TTD.
Prices are trading close to the key technical resistance level at 313.99 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 313.99 where further buy stops could get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for The Trade. Out of 139 times, TTD closed higher 64.03% 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 60.43% with an average market move of 5.09%.