DISH dominated by bulls lifting the market higher throughout the day
DISH Network Corporation (DISH) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, DISH finished the month 9.04% higher at 34.51 after gaining $1.46 (4.42%) today, strongly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 33.35, the stock confirmed its breakout through the prior session high after trading up to $1.31 above it intraday.
Daily Candlestick Chart (DISH as at Jun 30, 2020):
Tuesday's trading range has been $1.94 (5.88%), that's slightly above the last trading month's daily average range of $1.61. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for DISH.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 18th, DISH actually lost -3.90% on the following trading day.
After spiking up to 34.66 during the day, the market found resistance at the 20-day moving average at 34.52.
DISH Network shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the nearby swing high at 36.03 where further buy stops might get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for DISH Network. Out of 311 times, DISH closed higher 50.80% 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 55.95% with an average market move of 0.67%.