ALK pushes through Tuesday's high
Alaska Air Group Inc. (ALK) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ALK ended Wednesday at 43.12 gaining $0.94 (2.23%), strongly outperforming the S&P 500 (-0.46%). Today's close at 43.12 marks the highest recorded closing price since June 9th. Closing above Tuesday's high at 42.47, the stock confirmed its breakout through the prior session high after trading up to $1.47 above it intraday.
Daily Candlestick Chart (ALK as at Sep 16, 2020):
Wednesday's trading range has been $2.37 (5.63%), that's above the last trading month's daily average range of $1.74. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ALK.
After having been unable to move lower than 41.40 in the previous session, the market found buyers again around the same price level today at 41.57. The last time this happened on September 4th, ALK gained 1.91% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Alaska Air. Out of 532 times, ALK closed higher 52.63% 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 56.95% with an average market move of 0.78%.