UNVR dominated by bulls lifting the market higher throughout the day
Univar Inc. (UNVR) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, UNVR finished Wednesday at 19.13 gaining $0.67 (3.63%) on high volume, significantly outperforming the S&P 500 (-0.46%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 18.63, the market confirmed its breakout through the previous session high after trading up to $0.65 above it intraday.
Daily Candlestick Chart (UNVR as at Sep 16, 2020):
Wednesday's trading range has been $0.77 (4.14%), that's above the last trading month's daily average range of $0.61. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for UNVR.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 18.81 (now S1), which is likely to act as support going forward. The last time this happened on Monday, UNVR gained 1.54% on the following trading day.
The trend is clearly bullish, showing an intact uptrend 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 "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Univar. Out of 43 times, UNVR closed higher 58.14% of the time on the next trading day after the market condition occurred.