WMB closes within previous day's range
Williams Companies Inc. (WMB) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, WMB ended Wednesday at 27.03 gaining $0.30 (1.12%), outperforming the S&P 500 (0.3%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (WMB as at Feb 13, 2019):
Wednesday's trading range has been $0.40 (1.49%), that's slightly below the last trading month's daily average range of $0.51. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for WMB.
The market managed to close back above the 200-day moving average at 26.82. When this moving average was crossed above the last time on February 8th, WMB actually lost -0.60% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the close-by swing high at 27.44 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 26.56 where further sell stops might get activated. With prices trading close to this year's high at 27.51, upside momentum could accelerate should the share be able to break out to new highs for the year.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Its common bullish interpretation has been confirmed for Williams Companies. Out of 36 times, WMB closed higher 63.89% 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 five trading days, showing a win rate of 55.56% with an average market move of 0.14%.