ADNT closes below its opening price unable to hold early session gains

Adient plc (ADNT) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


ADNT closes below its opening price unable to hold early session gains
ADNT unable to break through key resistance level
ADNT closes within previous day's range after lackluster session


ADNT finished Thursday at 11.62 gaining $0.17 (1.48%), significantly underperforming the S&P 500 (6.24%). Trading $1.02 higher after the open, the share 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 20th, ADNT actually gained 10.57% 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 (ADNT as at Mar 26, 2020):

Daily technical analysis candlestick chart for Adient plc (ADNT) as at Mar 26, 2020

Thursday's trading range has been $1.45 (12.34%), that's below the last trading month's daily average range of $1.89. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ADNT.

Three candlestick patterns are matching today's price action, the Bearish Hikkake Pattern, the Bearish Spinning Top and the Shooting Star which are known as bearish patterns.

Unable to break through the key technical resistance level at 12.44 (R1), Adient plc closed below it after spiking up to 12.77 earlier during the day. The failure to close above the resistance could increase that levels importance going forward.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Shooting Star" stand out. Its common bearish interpretation has been confirmed for Adient plc. Out of 18 times, ADNT closed lower 55.56% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 77.78% with an average market move of -6.20%.

Market Conditions for ADNT as at Mar 26, 2020

Loading Market Conditions for ADNT (Adient plc)...
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