WLTW dominated by bears dragging the market lower throughout the day
Willis Towers Watson Public Limited Company (WLTW) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
WLTW finished Wednesday at 170.97 losing $0.27 (-0.16%), slightly underperforming the S&P 500 (0.3%). The bears were in full control today, moving the market lower throughout the whole session. 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 (WLTW as at Feb 13, 2019):
Wednesday's trading range has been $1.36 (0.79%), that's far below the last trading month's daily average range of $2.87. 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 higher than usual for WLTW.
Two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Black Candle showed up on February 4th, WLTW actually gained 0.70% on the following trading day.
After having been unable to move above 171.81 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 172.17.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Down Close Near Low of Period" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Willis Towers. Out of 431 times, WLTW closed higher 51.97% 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 59.63% with an average market move of 0.87%.