AAN closes below its opening price unable to hold early session gains
Aaron's Inc. (AAN) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
AAN finished Thursday at 23.69 edging lower $0.07 (-0.29%), notably underperforming the S&P 500 (6.24%). Trading $1.28 higher after the open, Aaron's was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on March 12th, AAN actually gained 8.54% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (AAN as at Mar 26, 2020):
Thursday's trading range has been $2.43 (9.96%), that's below the last trading month's daily average range of $3.04. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AAN.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Aaron's. Out of 544 times, AAN closed higher 51.84% of the time on the next trading day after the market condition occurred.