WRB pops to highest close ever
W.R. Berkley Corporation (WRB) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
WRB finished the week 0.61% higher at 67.87 after gaining $0.11 (0.16%) today, slightly underperforming the S&P 500 (0.46%). Today's close at 67.87 marks the highest recorded closing price ever. Trading up to $0.41 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (WRB as at Jul 12, 2019):
Friday's trading range has been $0.64 (0.95%), that's below the last trading month's daily average range of $0.90. 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 WRB.
After having been unable to move lower than 67.38 in the prior session, the market found buyers again around the same price level today at 67.29. The last time this happened on July 5th, WRB actually lost -0.19% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for W. R. Berkley. Out of 299 times, WRB closed higher 54.52% 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 57.53% with an average market move of 0.54%.