CMPR still stuck within tight trading range
Cimpress N.V (CMPR) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CMPR ended the week 11.33% higher at 80.26 after gaining $0.26 (0.33%) today, slightly outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Today's close at 80.26 marks the highest recorded closing price since March 11th. Trading $0.45 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (CMPR as at May 22, 2020):
Friday's trading range has been $1.23 (1.52%), that's far below the last trading month's daily average range of $5.46. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for CMPR. Prices continued to consolidate within a tight trading range between 74.60 and 81.69 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the Tweezer Top.
The market was sold again around 81.23 after having seen highs at 81.23, 81.26 and 81.69 in the last three trading sessions. Obviously there is something going on at that level. The last time this happened on January 2nd, CMPR lost -7.27% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the close-by swing high at 81.69 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 74.60 where further sell stops could get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Cimpress N. V. Out of 182 times, CMPR closed higher 52.75% 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 54.95% with an average market move of 0.75%.