DISH pushes through Tuesday's high
DISH Network Corporation (DISH) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, DISH ended Wednesday at 33.24 gaining $0.50 (1.53%), strongly outperforming the S&P 500 (-0.46%). Closing above Tuesday's high at 33.21, the stock confirmed its breakout through the prior session high after trading up to $0.60 above it intraday.
Daily Candlestick Chart (DISH as at Sep 16, 2020):
Wednesday's trading range has been $0.94 (2.85%), that's slightly below the last trading month's daily average range of $1.05. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DISH.
Prices are trading close to the key technical support level at 32.63 (S1). After spiking up to 33.81 during the day, the market found resistance at the 50-day moving average at 33.63. The last time this happened on December 16, 2019, DISH lost 0.00% on the following trading day.
Though DISH Network is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for DISH Network. Out of 80 times, DISH closed lower 52.50% 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 two trading days, showing a win rate of 56.25% with an average market move of -0.02%.