TWLO rises to highest close ever
Twilio Inc. Class A (TWLO) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, TWLO ended the month 26.43% higher at 277.42 after gaining $9.97 (3.73%) today, strongly outperforming the S&P 500 (0.77%). Today's close at 277.42 marks the highest recorded closing price ever. Trading up to $5.86 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (TWLO as at Jul 31, 2020):
Friday's trading range has been $10.28 (3.77%), that's slightly below the last trading month's daily average range of $12.26. 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 TWLO.
After trading down to 267.14 earlier during the day, Twilio bounced off the key technical support level at 271.00 (S1). The failure to close below the support could increase that levels importance as support going forward. When prices bounced off a significant support level the last time on July 24th, TWLO gained 1.84% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Twilio. Out of 174 times, TWLO closed higher 61.49% 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 63.79% with an average market move of 4.38%.