DLPH snaps to lowest close since August 4th


Delphi Technologies PLC (DLPH) Technical Analysis Report for Sep 21, 2020 | by Techniquant Editorial Team

Highlights

DLPH breaks below key technical support level
DLPH falls to lowest close since August 4th
DLPH closes lower for the 5th day in a row
DLPH ends the day on a bearish note closing near the low of the day

Overview

Moving lower for the 5th day in a row, DLPH finished Monday at 16.03 tanking $0.71 (-4.24%), strongly underperforming the S&P 500 (-1.16%). Today's close at 16.03 marks the lowest recorded closing price since August 4th. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily Candlestick Chart (DLPH as at Sep 21, 2020):

Daily technical analysis candlestick chart for Delphi Technologies PLC (DLPH) as at Sep 21, 2020

Monday's trading range has been $0.59 (3.59%), that's slightly above the last trading month's daily average range of $0.54. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DLPH.

One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on September 18th, DLPH lost -4.24% on the following trading day.

Prices are trading close to the key technical support level at 15.71 (S1). Prices broke below the key technical support level at 16.39 (now R1), which is likely to act as resistance going forward.

With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back up towards the center of the Bollinger Bands at 17.62.

Though Delphi Technologies is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.

Further selling might move prices lower should the market test August's close-by low at 15.04.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close below the lower Bollinger Band" stand out. Its common bearish interpretation has been confirmed for Delphi Technologies. Out of 55 times, DLPH closed lower 67.27% 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 10 trading days, showing a win rate of 70.91% with an average market move of -4.81%.


Market Conditions for DLPH as at Sep 21, 2020

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