URBN drops to lowest close since November 27, 2017
Urban Outfitters Inc. (URBN) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
URBN finished Wednesday at 30.80 losing $0.56 (-1.79%), strongly underperforming the S&P 500 (0.3%). Today's close at 30.80 marks the lowest recorded closing price since November 27, 2017. Closing below Tuesday's low at 31.22, Urban Outfitters confirmed its breakout through the prior session low after trading up to $0.85 below it intraday.
Daily Candlestick Chart (URBN as at Feb 13, 2019):
Wednesday's trading range has been $1.10 (3.51%), that's far above the last trading month's daily average range of $0.83. 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 slightly lower than usual for URBN.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on February 1st, URBN actually gained 1.09% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 31.84 where further buy stops might get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week Low" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Urban Outfitters. Out of 57 times, URBN closed higher 56.14% 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 52.63% with an average market move of 1.28%.