EA ends the day indecisive
Electronic Arts Inc. (EA) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
EA ended the week -6.71% lower at 106.10 after gaining $2.50 (2.41%) today, slightly underperforming the Nasdaq 100 (2.77%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (EA as at Oct 12, 2018):
Friday's trading range has been $3.71 (3.47%), that's above the last trading month's daily average range of $2.74. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for EA.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 113.49. The last time this happened on September 6th, EA gained 1.51% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the lower Bollinger Band" stand out. Its common bullish interpretation has been confirmed for Electronic Arts. Out of 70 times, EA closed higher 52.86% 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 61.43% with an average market move of 2.38%.