CSOD closes lower for the 2nd day in a row
Cornerstone OnDemand Inc. (CSOD) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, CSOD ended the week 3.74% higher at 36.02 after edging lower $0.10 (-0.28%) today, underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (CSOD as at May 22, 2020):
Friday's trading range has been $0.67 (1.85%), that's far below the last trading month's daily average range of $1.21. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CSOD.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Cornerstone OnDemand shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might speed up should prices move above the close-by swing high at 36.94 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 35.55 where further sell stops could get triggered. As prices are trading close to May's high at 37.17, upside momentum might speed up should the stock mark new highs for the month.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Cornerstone OnDemand. Out of 648 times, CSOD closed higher 51.70% 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 58.33% with an average market move of 0.89%.