WMB pushes through Tuesday's high
Williams Companies Inc. (WMB) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, WMB ended Wednesday at 21.42 surging $0.55 (2.64%) on high volume, strongly outperforming the S&P 500 (-0.46%). Today's close at 21.42 marks the highest recorded closing price since August 24th. Closing above Tuesday's high at 21.22, the share confirmed its breakout through the previous session high after trading up to $0.42 above it intraday.
Daily Candlestick Chart (WMB as at Sep 16, 2020):
Wednesday's trading range has been $0.71 (3.37%), that's far above the last trading month's daily average range of $0.55. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for WMB.
One bullish candlestick pattern matches today's price action, the White Candle.
The stock managed to close above the 20-day moving average at 21.01 for the first time since August 25th. When this moving average was crossed above the last time on August 3rd, WMB gained 8.22% on the following trading day.
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 OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Williams Companies. Out of 535 times, WMB closed higher 51.03% 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 58.69% with an average market move of 0.80%.