CNK closes within previous day's range after lackluster session
Cinemark Holdings Inc Inc. (CNK) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
CNK ended the month -23.15% lower at 11.55 after edging lower $0.10 (-0.86%) today, strongly underperforming the S&P 500 (1.54%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (CNK as at Jun 30, 2020):
Tuesday's trading range has been $0.98 (8.9%), that's far below the last trading month's daily average range of $1.40. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CNK.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on June 18th, CNK actually lost -8.46% on the following trading day.
Prices are trading close to the key technical support level at 11.00 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 10.35 where further sell stops might get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Cinemark Holdings. Out of 86 times, CNK closed higher 53.49% 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 55.81% with an average market move of 0.49%.