WAT climbs to highest close since April 27th
Waters Corporation (WAT) Technical Analysis Report for May 26, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, WAT finished Tuesday at 193.08 gaining $6.40 (3.43%), significantly outperforming the S&P 500 (1.23%). Today's close at 193.08 marks the highest recorded closing price since April 27th.
Daily Candlestick Chart (WAT as at May 26, 2020):
Tuesday's trading range has been $4.16 (2.18%), that's below the last trading month's daily average range of $5.66. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for WAT.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a White Candle showed up on May 18th, WAT actually lost -2.26% on the following trading day.
Prices are trading close to the key technical support level at 189.74 (S1).
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Further buying might move prices higher should the market test April's close-by high at 199.68.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Waters. Out of 582 times, WAT closed higher 50.52% 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 57.04% with an average market move of 0.51%.