UDR dominated by bulls lifting the market higher throughout the day
UDR Inc. (UDR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, UDR finished Thursday at 35.78 gaining $2.89 (8.79%) on low volume, 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 34.68, the stock confirmed its breakout through the previous session high after trading up to $1.24 above it intraday.
Daily Candlestick Chart (UDR as at Mar 26, 2020):
Thursday's trading range has been $3.55 (10.84%), that's above the last trading month's daily average range of $2.88. 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 significantly higher than usual for UDR.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bearish, showing an intact downtrend 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 "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for UDR. Out of 504 times, UDR closed higher 56.35% 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 56.94% with an average market move of 0.17%.