UTX finds buyers again around 152.57
United Technologies Corporation (UTX) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
UTX finished the week -2.15% lower at 153.46 after gaining $0.40 (0.26%) today on low volume, slightly outperforming the Dow Indu. (-0.09%) ahead of tomorrow's Presidents' Day market holiday. Trading up to $0.51 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Wednesday, UTX actually lost -1.37% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (UTX as at Feb 14, 2020):
Friday's trading range has been $1.48 (0.97%), that's below the last trading month's daily average range of $2.50. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for UTX.
After moving lower in the prior session, the share managed to close higher but below the previous day's open, forming a bullish Harami Candle. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Prices are trading close to the key technical support level at 151.90 (S1). Prices are trading close to the key technical resistance level at 154.42 (R1). After having been unable to move lower than 152.92 in the prior session, United found buyers again around the same price level today at 152.57.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for United Technologies. Out of 240 times, UTX closed higher 55.00% 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 54.58% with an average market move of 0.30%.