DISH closes higher for the 7th day in a row
DISH Network Corporation (DISH) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 7th day in a row, DISH ended the week 19.63% higher at 29.56 after gaining $1.00 (3.5%) today, significantly outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Today's close at 29.56 marks the highest recorded closing price since March 5th. Closing above Thursday's high at 28.95, DISH Network confirmed its breakout through the prior session high after trading up to $0.94 above it intraday.
Daily Candlestick Chart (DISH as at May 22, 2020):
Friday's trading range has been $1.42 (4.96%), that's slightly above the last trading month's daily average range of $1.30. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DISH.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on May 8th, DISH actually gained 0.78% on the following trading day.
The market managed to close above the 100-day moving average at 29.18 for the first time since February 26th.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 25.37.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for DISH Network. Out of 48 times, DISH closed higher 56.25% 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 64.58% with an average market move of 1.65%.