TXT closes higher for the 3rd day in a row


Textron Inc. (TXT) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

TXT dominated by bulls lifting the market higher throughout the day
TXT closes higher for the 3rd day in a row
TXT pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, TXT finished Thursday at 29.23 gaining $3.20 (12.29%), notably outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 27.28, Textron confirmed its breakout through the previous session high after trading up to $2.10 above it intraday.

Daily Candlestick Chart (TXT as at Mar 26, 2020):

Daily technical analysis candlestick chart for Textron Inc. (TXT) as at Mar 26, 2020

Thursday's trading range has been $3.31 (12.38%), that's slightly above the last trading month's daily average range of $3.04. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TXT.

One bullish candlestick pattern matches today's price action, the White Candle.

Prices are trading close to the key technical resistance level at 29.77 (R1).

Although the market is experiencing a short-term uptrend, this might 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 "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Textron. Out of 153 times, TXT closed higher 50.33% 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 56.21% with an average market move of 0.43%.


Market Conditions for TXT as at Mar 26, 2020

Loading Market Conditions for TXT (Textron Inc.)...
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