CZR dominated by bears dragging the market lower throughout the day
Caesars Entertainment Corporation (CZR) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
CZR finished Wednesday at 55.94 tanking $3.04 (-5.15%), notably underperforming the S&P 500 (-0.46%). This is the biggest single-day loss in over two weeks. The bears were in full control today, moving the market lower 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 (CZR as at Sep 16, 2020):
Wednesday's trading range has been $4.89 (8.25%), that's far above the last trading month's daily average range of $3.02. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CZR.
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. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle.
After having been unable to move lower than 55.41 in the previous session, the share found buyers again around the same price level today at 55.19. The last time this happened on September 3rd, CZR gained 4.60% on the following trading day.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 48.79.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for Caesars Entertainment. Out of 92 times, CZR closed higher 55.43% 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 eight trading days, showing a win rate of 50.00% with an average market move of 0.48%.