COTY ends the day indecisive
Coty Inc. Class A (COTY) Technical Analysis Report for Jun 29, 2020 | by Techniquant Editorial Team
COTY finished Monday at 4.74 gaining $0.56 (13.4%), significantly outperforming the S&P 500 (1.47%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (COTY as at Jun 29, 2020):
Monday's trading range has been $0.36 (7.48%), that's slightly below the last trading month's daily average range of $0.43. 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 COTY.
One bullish candlestick pattern matches today's price action, the Takuri Line.
The share managed to close back above the 50-day moving average at 4.72 for the first time since June 16th. After spiking up to 4.82 during the day, the market found resistance at the 20-day moving average at 4.81. The last time this happened on March 26th, COTY lost -5.54% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 4.96 where further buy stops might get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Its common bullish interpretation has been confirmed for Coty. Out of 41 times, COTY closed higher 60.98% 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 60.98% with an average market move of 1.49%.