CSOD crashes -2.15% closing $1.34 lower
Cornerstone OnDemand Inc. (CSOD) Technical Analysis Report for Jan 24, 2020 | by Techniquant Editorial Team
Moving lower for the 5th day in a row, CSOD ended the week -4.59% lower at 60.91 after tanking $1.34 (-2.15%) today, notably underperforming the S&P 500 (-0.9%). This is the biggest single-day loss in over a month. The last time we've seen such an unusually strong single-day loss on December 11, 2019, CSOD lost -2.14% on the following trading day. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 61.72, Cornerstone OnDemand confirmed its breakout through the prior session low after trading up to $1.20 below it intraday.
Daily Candlestick Chart (CSOD as at Jan 24, 2020):
Friday's trading range has been $2.45 (3.9%), that's far above the last trading month's daily average range of $1.13. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CSOD.
One bearish candlestick pattern matches today's price action, the Black Candle.
After trading as low as 60.52 during the day, the stock found support at the 20-day moving average at 60.67.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 20" stand out. Its common bullish interpretation has been confirmed for Cornerstone OnDemand. Out of 74 times, CSOD closed higher 54.05% 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 four trading days, showing a win rate of 56.76% with an average market move of 0.42%.