TTD unable to break through key resistance level
The Trade Desk Inc. (TTD) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, TTD ended Thursday at 209.05 gaining $12.11 (6.15%) on low volume, slightly underperforming the S&P 500 (6.24%). Closing above Wednesday's high at 207.24, The Trade confirmed its breakout through the prior session high after trading up to $7.71 above it intraday.
Daily Candlestick Chart (TTD as at Mar 26, 2020):
Thursday's trading range has been $16.72 (8.43%), that's below the last trading month's daily average range of $22.01. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for TTD.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on October 14, 2019, TTD gained 5.32% on the following trading day.
Unable to break through the key technical resistance level at 211.22 (R1), the market closed below it after spiking up to 214.95 earlier during the day. The failure to close above the resistance could increase that levels importance going forward.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for The Trade. Out of 24 times, TTD closed higher 58.33% 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 66.67% with an average market move of 2.08%.