EAT closes within previous day's range after lackluster session
Brinker International Inc. (EAT) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
EAT ended the week 24.25% higher at 24.49 after edging lower $0.01 (-0.04%) today, slightly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (EAT as at May 22, 2020):
Friday's trading range has been $1.14 (4.6%), that's far below the last trading month's daily average range of $2.20. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EAT.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on Wednesday, EAT actually gained 5.74% on the following trading day.
Prices are trading close to the key technical support level at 23.23 (S1).
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Further buying could move prices higher should the market test April's close-by high at 26.18.