CTL closes within prior day's range after lackluster session
CenturyLink Inc. (CTL) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
CTL ended Thursday at 9.29 gaining $0.24 (2.65%), notably underperforming the S&P 500 (6.24%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (CTL as at Mar 26, 2020):
Thursday's trading range has been $0.41 (4.53%), that's far below the last trading month's daily average range of $0.93. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CTL.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on Tuesday, CTL actually lost -9.05% on the following trading day.
Prices are trading close to the key technical support level at 8.66 (S1). Prices are trading close to the key technical resistance level at 10.00 (R1).
Although the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might accelerate should prices move above the nearby swing high at 10.00 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 8.66 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for CenturyLink. Out of 83 times, CTL closed higher 56.63% of the time on the next trading day after the market condition occurred.