CC finds buyers around 21.17 for the third day in a row
Chemours Company (CC) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, CC ended Wednesday at 21.21 losing $0.09 (-0.42%), but still slightly outperforming the S&P 500 (-0.46%). Trading $0.44 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on September 8th, CC actually gained 1.62% on the following trading day. Closing below Tuesday's low at 21.24, Chemours confirmed its breakout through the prior session low after trading up to $0.07 below it intraday.
Daily Candlestick Chart (CC as at Sep 16, 2020):
Wednesday's trading range has been $0.65 (3.04%), that's slightly below the last trading month's daily average range of $0.82. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CC.
Prices are trading close to the key technical support level at 20.67 (S1). The market found buyers again today around 21.17 for the third trading day in a row after having found demand at 21.24 in the previous session and at 21.15 two days ago.
Though the stock is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Buying might speed up should prices move above the close-by swing high at 21.90 where further buy stops could get triggered.
Among the nine 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. Its common bullish interpretation has been confirmed for Chemours. Out of 56 times, CC closed higher 53.57% 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 64.29% with an average market move of 0.89%.