ARNC finds buyers around 13.38 for the third day in a row
Arconic Inc. (ARNC) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ARNC ended the month -3.73% lower at 13.93 after edging higher $0.09 (0.65%) today on low volume, underperforming the S&P 500 (1.54%). Trading up to $0.45 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 4th, ARNC gained 7.91% 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 (ARNC as at Jun 30, 2020):
Tuesday's trading range has been $0.75 (5.42%), that's below the last trading month's daily average range of $1.26. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ARNC.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
The market found buyers again today around 13.38 for the third trading day in a row after having found demand at 13.51 in the previous session and at 13.56 two days ago.
Arconic shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior two Lows" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Arconic. Out of 96 times, ARNC closed lower 57.29% 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 48.96% with an average market move of -1.36%.