WEX rises to highest close since September 18th
WEX Inc. (WEX) Technical Analysis Report for Oct 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, WEX ended the week 3.27% higher at 206.09 after surging $5.86 (2.93%) today, notably outperforming the S&P 500 (1.09%). This is the biggest single-day gain in over three weeks. The last time we've seen such an unusually strong single-day gain on September 16th, WEX actually lost -1.37% on the following trading day. Today's close at 206.09 marks the highest recorded closing price since September 18th.
Daily Candlestick Chart (WEX as at Oct 11, 2019):
Friday's trading range has been $4.27 (2.1%), that's slightly below the last trading month's daily average range of $4.92. 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 higher than usual for WEX.
One bullish candlestick pattern matches today's price action, the White Candle.
The stock managed to close above the 100-day moving average at 204.14 for the first time since September 20th.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for WEX. Out of 60 times, WEX closed higher 63.33% 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 60.00% with an average market move of 1.03%.