DISH breaks below Thursday's low
DISH Network Corporation (DISH) Technical Analysis Report for Sep 13, 2019 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, DISH finished the week -1.23% lower at 35.26 after losing $0.63 (-1.76%) today, strongly underperforming the S&P 500 (-0.07%). Trading $0.59 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on August 29th, DISH lost -0.50% on the following trading day. Closing below Thursday's low at 35.82, DISH Network confirmed its breakout through the prior session low after trading up to $0.63 below it intraday.
Daily Candlestick Chart (DISH as at Sep 13, 2019):
Friday's trading range has been $1.34 (3.73%), that's far above the last trading month's daily average range of $0.90. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DISH.
One bearish candlestick pattern matches today's price action, the Black Candle.
Prices broke below the key technical support level at 35.56 (now R1), which is likely to act as resistance going forward.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for DISH Network. Out of 156 times, DISH closed higher 57.05% 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 10 trading days, showing a win rate of 55.77% with an average market move of 0.77%.