CTL dominated by bulls lifting the market higher throughout the day
CenturyLink Inc. (CTL) Technical Analysis Report for Feb 20, 2020 | by Techniquant Editorial Team
CTL ended Thursday at 13.37 gaining $0.04 (0.3%), outperforming the S&P 500 (-0.38%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (CTL as at Feb 20, 2020):
Thursday's trading range has been $0.40 (3.06%), that's slightly above the last trading month's daily average range of $0.40. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CTL.
Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on February 12th, CTL actually lost -8.44% on the following trading day.
Prices are trading close to the key technical support level at 13.11 (S1). Prices are trading close to the key technical resistance level at 13.43 (R1).
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Hikkake Pattern" stand out. Its common bullish interpretation has been confirmed for CenturyLink. Out of 109 times, CTL closed higher 55.96% 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 seven trading days, showing a win rate of 51.38% with an average market move of -0.20%.