CTRP closes below its opening price unable to hold early session gains
Ctrip.com International Ltd. (CTRP) Technical Analysis Report for Aug 15, 2019 | by Techniquant Editorial Team
CTRP finished Thursday at 32.36 gaining $0.23 (0.72%), outperforming the Nasdaq 100 (-0.07%). Trading $0.39 higher after the open, Ctrip. com International was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (CTRP as at Aug 15, 2019):
Thursday's trading range has been $1.07 (3.29%), that's slightly below the last trading month's daily average range of $1.25. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for CTRP.
Two candlestick patterns are matching today's price action, the Homing Pigeon which is known as bullish pattern and one bearish pattern, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on July 31st, CTRP lost -4.34% on the following trading day.
Prices are trading close to the key technical resistance level at 33.05 (R1). After having been unable to move lower than 31.64 in the prior session, the share found buyers again around the same price level today at 31.83.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 31.64 where further sell stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Homing Pigeon" stand out. Its common bullish interpretation has been confirmed for Ctrip. com International. Out of 22 times, CTRP closed higher 59.09% of the time on the next trading day after the market condition occurred.