UDR closes higher for the 2nd day in a row
UDR Inc. (UDR) Technical Analysis Report for Nov 20, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, UDR finished the week 0.93% higher at 39.23 after gaining $0.43 (1.11%) today, strongly outperforming the S&P 500 (-0.68%). Trading up to $0.41 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (UDR as at Nov 20, 2020):
Friday's trading range has been $0.74 (1.9%), that's below the last trading month's daily average range of $1.46. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for UDR.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
As prices are trading close to November's high at 41.30, upside momentum might accelerate should the share mark new highs for the month.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for UDR. Out of 341 times, UDR closed higher 53.37% 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 54.55% with an average market move of 0.28%.