DISH finds buyers around 39.69 for the third day in a row
DISH Network Corporation (DISH) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
DISH finished the week 8.67% higher at 39.97 after losing $0.21 (-0.52%) today, underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (DISH as at Feb 14, 2020):
Friday's trading range has been $0.57 (1.42%), that's slightly below the last trading month's daily average range of $0.93. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for DISH.
Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and one bearish pattern, the Bearish Spinning Top.
DISH Network found buyers again today around 39.69 for the third trading day in a row after having found demand at 39.83 in the previous session and at 39.60 two days ago. The last time this happened on February 4th, DISH gained 3.15% 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 might now be heading back down towards the mean of the Bollinger Bands at 37.49.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Hikkake Pattern" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for DISH Network. Out of 111 times, DISH closed lower 50.45% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 58.56% with an average market move of -0.58%.