CTRP declines to lowest close since February 22nd
Ctrip.com International Ltd. (CTRP) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, CTRP finished the week -1.41% lower at 33.47 after losing $1.07 (-3.1%) today, notably underperforming the Nasdaq 100 (-0.42%). Today's close at 33.47 marks the lowest recorded closing price since February 22nd. The bears were in full control today, moving the market lower throughout the whole session.
Daily Candlestick Chart (CTRP as at Jun 14, 2019):
Friday's trading range has been $1.04 (3.04%), that's below the last trading month's daily average range of $1.38. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for CTRP.
One bearish candlestick pattern matches today's price action, the Black Candle.
Prices are trading close to the key technical resistance level at 34.42 (R1).
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling might speed up should prices move below the nearby swing low at 33.05 where further sell stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Down" stand out. Its common bearish interpretation has been confirmed for Ctrip. com International. Out of 61 times, CTRP closed lower 63.93% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 54.10% with an average market move of -1.55%.