ARNC closes higher for the 3rd day in a row
Arconic Inc. (ARNC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ARNC finished Thursday at 17.72 gaining $1.55 (9.59%) on high volume, notably outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 16.88, the stock confirmed its breakout through the previous session high after trading up to $0.95 above it intraday.
Daily Candlestick Chart (ARNC as at Mar 26, 2020):
Thursday's trading range has been $1.95 (11.88%), that's slightly above the last trading month's daily average range of $1.78. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for ARNC.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, ARNC gained 6.73% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. With its 50-day moving average crossing below its 200-day moving average, Arconic has entered a so-called "Death Cross" for the first time since May 15, 2019. Showing increasing downward momentum in the short and medium-term the "Death Cross" is known to indicate a potential bear market on the horizon.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Arconic. Out of 399 times, ARNC closed higher 49.62% 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 51.38% with an average market move of 0.00%.