URBN pops to highest close since May 21st
Urban Outfitters Inc. (URBN) Technical Analysis Report for Sep 13, 2019 | by Techniquant Editorial Team
URBN finished the week 12.11% higher at 26.75 after gaining $0.41 (1.56%) today, strongly outperforming the S&P 500 (-0.07%). Today's close at 26.75 marks the highest recorded closing price since May 21st. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (URBN as at Sep 13, 2019):
Friday's trading range has been $1.06 (3.93%), that's slightly below the last trading month's daily average range of $1.06. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for URBN.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on August 8th, URBN lost -4.09% on the following trading day.
Unable to break through the key technical resistance level at 27.26 (R1), Urban Outfitters closed below it after spiking up to 27.32 earlier during the day. The failure to close above the resistance might increase that levels importance going forward.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for Urban Outfitters. Out of 394 times, URBN closed lower 51.27% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 53.05% with an average market move of -0.36%.