DISH closes higher for the 3rd day in a row
DISH Network Corporation (DISH) Technical Analysis Report for Jan 15, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, DISH finished Wednesday at 36.66 gaining $0.07 (0.19%), performing in line with the S&P 500 (0.19%). Today's close at 36.66 marks the highest recorded closing price since November 18, 2019. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (DISH as at Jan 15, 2020):
Wednesday's trading range has been $0.39 (1.06%), that's below the last trading month's daily average range of $0.67. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DISH.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, five candlestick patterns are matching today's price action, the Bearish Doji Star, the Bearish Harami Cross Pattern, the Hanging Man and the Northern Doji which are known as bearish patterns and one neutral pattern, the Doji.
Prices are trading close to the key technical resistance level at 36.81 (R1).
Crossing above the upper Bollinger Band for the first time since November 18, 2019, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 35.75 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on November 18, 2019, DISH actually lost -2.61% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 36.85 where further buy stops could get activated.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Harami Cross Pattern" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for DISH Network. Out of 1 times, DISH closed higher 100.00% 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 two trading days, showing a win rate of 100.00% with an average market move of 0.16%.