DISH breaks back above 200-day moving average
DISH Network Corporation (DISH) Technical Analysis Report for Jul 10, 2020 | by Techniquant Editorial Team
DISH ended the week -3.6% lower at 31.87 after gaining $1.04 (3.37%) today on low volume, strongly outperforming the S&P 500 (1.05%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (DISH as at Jul 10, 2020):
Friday's trading range has been $1.24 (4.04%), that's slightly below the last trading month's daily average range of $1.58. Weekly volatility is also lower, being slightly below 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, one bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 200-day moving average at 31.73. When this moving average was crossed above the last time on June 12th, DISH gained 4.10% on the following trading day. Prices are trading close to the key technical resistance level at 32.24 (R1).
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling could speed up should prices move below the nearby swing low at 30.42 where further sell stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for DISH Network. Out of 736 times, DISH closed higher 51.77% 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 55.30% with an average market move of 0.75%.