TYL rallies, gaining $26.94 (10.28%) within a single day
Tyler Technologies Inc. (TYL) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
TYL finished Thursday at 289.08 surging $26.94 (10.28%), significantly outperforming the S&P 500 (6.24%). This is the biggest single-day gain ever recorded for the market. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 274.56, Tyler Technologies confirmed its breakout through the previous session high after trading up to $14.52 above it intraday.
Daily Candlestick Chart (TYL as at Mar 26, 2020):
Thursday's trading range has been $25.48 (9.67%), that's far above the last trading month's daily average range of $17.44. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for TYL.
Four candlestick patterns are matching today's price action, the Bullish Belt-hold, the Bullish Closing Marubozu, the Bullish Marubozu and the White Candle which are known as bullish patterns.
The share managed to close back above the 200-day moving average at 273.38 for the first time since March 17th. When this moving average was crossed above the last time on March 17th, TYL actually lost -7.15% on the following trading day. Prices are trading close to the key technical resistance level at 304.05 (R1).
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Marubozu" stand out. Its common bullish interpretation has been confirmed for Tyler Technologies. Out of 1 times, TYL closed higher 100.00% 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 100.00% with an average market move of 10.57%.