AHC runs into sellers again around 1.67
A.H. Belo Corporation (AHC) Technical Analysis Report for Jul 10, 2020 | by Techniquant Editorial Team
AHC finished the week -2.98% lower at 1.63 after gaining $0.05 (3.16%) today, notably outperforming the S&P 500 (1.05%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (AHC as at Jul 10, 2020):
Friday's trading range has been $0.12 (7.19%), that's far above the last trading month's daily average range of $0.08. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for AHC.
After trading down to 1.55 earlier during the day, the share bounced off the key technical support level at 1.58 (S1). The failure to close below the support might increase that levels significance as support going forward. When prices bounced off a significant support level the last time on Wednesday, AHC actually lost -3.07% on the following trading day. After having been unable to move above 1.67 in the prior session, A. H. Belo ran into sellers again around the same price level today, missing to move higher than 1.67.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. Its common bearish interpretation has been confirmed for A. H. Belo. Out of 753 times, AHC closed lower 45.95% 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 51.26% with an average market move of -0.61%.