COMM dominated by bulls lifting the market higher throughout the day
CommScope Holding Company Inc. (COMM) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
COMM ended Thursday at 9.90 gaining $0.81 (8.91%) on low volume, notably outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 9.78, the stock confirmed its breakout through the previous session high after trading up to $0.29 above it intraday.
Daily Candlestick Chart (COMM as at Mar 26, 2020):
Thursday's trading range has been $1.07 (11.66%), that's slightly below the last trading month's daily average range of $1.18. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for COMM.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, COMM actually lost -2.26% on the following trading day.
Prices are trading close to the key technical resistance level at 10.17 (R1).
Although the share is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
As prices are trading close to March's high at 11.24, upside momentum could speed up should the market mark new highs for the month.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for CommScope Holding. Out of 343 times, COMM closed higher 53.06% 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 54.52% with an average market move of 0.23%.