AHC closes lower for the 2nd day in a row
A.H. Belo Corporation (AHC) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, AHC ended Wednesday at 1.45 losing $0.01 (-0.68%) on low volume, slightly underperforming the S&P 500 (-0.46%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (AHC as at Sep 16, 2020):
Wednesday's trading range has been $0.05 (3.47%), that's slightly below the last trading month's daily average range of $0.05. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AHC.
After having been unable to move lower than 1.44 in the prior session, A. H. Belo found buyers again around the same price level today at 1.44. The last time this happened on September 1st, AHC gained 1.96% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 1.49 where further buy stops might get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for A. H. Belo. Out of 799 times, AHC closed lower 50.81% 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 56.45% with an average market move of -0.83%.