UHAL climbs to highest close since March 13th
Amerco (UHAL) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, UHAL ended the week 6.05% higher at 307.15 after gaining $4.33 (1.43%) today on low volume, significantly outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Today's close at 307.15 marks the highest recorded closing price since March 13th.
Daily Candlestick Chart (UHAL as at May 22, 2020):
Friday's trading range has been $7.91 (2.6%), that's below the last trading month's daily average range of $10.10. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for UHAL.
Prices are trading close to the key technical support level at 301.89 (S1).
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Selling could speed up should prices move below the nearby swing low at 296.58 where further sell stops might get triggered.
Among the two 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 Amerco. Out of 157 times, UHAL closed higher 52.87% 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 58.60% with an average market move of 0.99%.