UTX closes higher for the 3rd day in a row
United Technologies Corporation (UTX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, UTX ended Thursday at 104.64 gaining $8.45 (8.78%), strongly outperforming the Dow Indu. (6.38%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 100.18, the stock confirmed its breakout through the prior session high after trading up to $4.81 above it intraday.
Daily Candlestick Chart (UTX as at Mar 26, 2020):
Thursday's trading range has been $7.99 (8.15%), that's below the last trading month's daily average range of $9.83. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for UTX.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 110.77 (R1).
Though the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the six 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 United Technologies. Out of 174 times, UTX 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 59.77% with an average market move of 0.54%.