DISH pushes through Wednesday's high

DISH Network Corporation (DISH) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


DISH dominated by bulls lifting the market higher throughout the day
DISH runs into sellers again around 22.50
DISH pushes through Wednesday's high


DISH finished Thursday at 22.32 gaining $1.68 (8.14%), notably outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 22.28, the share confirmed its breakout through the previous session high after trading up to $0.22 above it intraday.

Daily Candlestick Chart (DISH as at Mar 26, 2020):

Daily technical analysis candlestick chart for DISH Network Corporation (DISH) as at Mar 26, 2020

Thursday's trading range has been $1.99 (9.59%), that's below the last trading month's daily average range of $2.61. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DISH.

One bullish candlestick pattern matches today's price action, the White Candle.

Prices are trading close to the key technical resistance level at 23.70 (R1). After having been unable to move above 22.28 in the prior session, DISH Network ran into sellers again around the same price level today, failing to move higher than 22.50. The last time this happened on March 16th, DISH actually gained 11.12% on the following trading day.

While the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Buying might accelerate should prices move above the close-by swing high at 23.31 where further buy stops could get triggered.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for DISH Network. Out of 297 times, DISH closed lower 53.20% 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 six trading days, showing a win rate of 53.54% with an average market move of -0.16%.

Market Conditions for DISH as at Mar 26, 2020

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DISH stuck within tight trading range

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