DISH finds buyers around 32.15 for the third day in a row
DISH Network Corporation (DISH) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
DISH finished the week 2.58% higher at 32.57 after flat today, slightly underperforming the S&P 500 (0.5%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (DISH as at Mar 15, 2019):
Friday's trading range has been $0.74 (2.27%), that's slightly below the last trading month's daily average range of $0.92. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DISH. Prices continued to consolidate within a tight trading range between 31.78 and 32.89 where it has been caught now for the whole last trading week.
Four candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man. The last time a Northern Doji showed up on November 16, 2018, DISH lost -4.11% on the following trading day.
Unable to break through the key technical resistance level at 32.78 (R1), the share closed below it after spiking up to 32.89 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. The stock found buyers again today around 32.15 for the third trading day in a row after having found demand at 32.10 in the prior session and at 32.03 two days ago.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
With prices trading close to this year's high at 33.73, upside momentum could speed up should DISH Network be able to break out to new highs for the year.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Northern Doji" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for DISH Network. Out of 63 times, DISH closed higher 60.32% of the time on the next trading day after the market condition occurred.