CXP closes within previous day's range
Columbia Property Trust Inc. (CXP) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
CXP ended the week 1.73% higher at 22.39 after losing $0.08 (-0.36%) today, underperforming the S&P 500 (0.18%) following Thursday's earnings report. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (CXP as at Feb 14, 2020):
CXP reported earnings of $-0.19 per share after Thursday's market close. With analysts having expected an EPS of $0.34, Columbia Property Trust Inc. missed market expectations by -155.9%. The company's last earnings report was released on Oct. 24, 2019, when Columbia Property Trust Inc. reported earnings of $-0.17 per share failing market expectations by -148.6%.
Friday's trading range has been $0.42 (1.87%), that's far above the last trading month's daily average range of $0.32. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for CXP.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar.
Prices broke below the key technical support level at 22.42 (now R1), which is likely to act as resistance going forward. After having been unable to move lower than 22.16 in the previous session, the stock found buyers again around the same price level today at 22.13. The last time this happened on Wednesday, CXP gained 1.17% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Stock Earning Report based market condition "Trading Day post weak Earnings Report" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Columbia Property. Out of 21 times, CXP closed higher 61.90% of the time on the next trading day after the market condition occurred.