TXRH pops to highest close since August 9th
Texas Roadhouse Inc. (TXRH) Technical Analysis Report for Sep 13, 2019 | by Techniquant Editorial Team
TXRH ended the week 2.63% higher at 54.26 after gaining $0.95 (1.78%) today, significantly outperforming the S&P 500 (-0.07%). Today's close at 54.26 marks the highest recorded closing price since August 9th. Closing above Thursday's high at 53.85, Texas Roadhouse confirmed its breakout through the previous session high after trading up to $0.71 above it intraday.
Daily Candlestick Chart (TXRH as at Sep 13, 2019):
Friday's trading range has been $1.47 (2.75%), that's above the last trading month's daily average range of $1.29. 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 notably lower than usual for TXRH.
One bullish candlestick pattern matches today's price action, the White Candle.
The stock managed to close above the 100-day moving average at 53.81 for the first time since August 2nd. When this moving average was crossed above the last time on August 2nd, TXRH actually lost -2.41% on the following trading day. Prices are trading close to the key technical resistance level at 55.13 (R1).
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Texas Roadhouse. Out of 274 times, TXRH closed higher 49.64% 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 55.47% with an average market move of 0.59%.