ATVI closes within previous day's range
Activision Blizzard Inc (ATVI) Technical Analysis Report for Jul 02, 2020 | by Techniquant Editorial Team
ATVI finished Thursday at 77.51 losing $0.52 (-0.67%) on low volume, significantly underperforming the Nasdaq 100 (0.61%) ahead of tomorrow's Independence Day OBS market holiday. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ATVI as at Jul 02, 2020):
Thursday's trading range has been $2.07 (2.62%), that's slightly below the last trading month's daily average range of $2.16. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ATVI.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on June 16th, ATVI actually gained 3.47% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Activision Blizzard. Out of 506 times, ATVI closed higher 57.31% 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 60.87% with an average market move of 1.28%.