BYD dominated by bears dragging the market lower throughout the day
Boyd Gaming Corporation (BYD) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
BYD ended Wednesday at 28.41 losing $0.76 (-2.61%), significantly underperforming the S&P 500 (-0.46%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Tuesday's low at 29.03, the market confirmed its breakout through the previous session low after trading up to $0.76 below it intraday.
Daily Candlestick Chart (BYD as at Sep 16, 2020):
Wednesday's trading range has been $1.36 (4.64%), that's above the last trading month's daily average range of $1.13. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BYD.
One bearish candlestick pattern matches today's price action, the Black Candle.
Prices are trading close to the key technical resistance level at 29.21 (R1).
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 27.31. The last time this happened on September 11th, BYD actually gained 4.38% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed below the upper Bollinger Band" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Boyd Gaming. Out of 80 times, BYD closed higher 56.25% 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 56.25% with an average market move of 0.58%.