ENR runs into sellers again around 36.82
Energizer Holdings Inc. (ENR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
ENR ended Thursday at 34.73 edging lower $0.66 (-1.86%), notably underperforming the S&P 500 (6.24%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (ENR as at Mar 26, 2020):
Thursday's trading range has been $3.05 (8.47%), that's slightly below the last trading month's daily average range of $3.43. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for ENR.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key technical resistance level at 35.79 (R1). After having been unable to move above 37.20 in the previous session, the share ran into sellers again around the same price level today, missing to move higher than 36.82. The last time this happened on March 10th, ENR lost -3.31% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 37.20 where further buy stops could get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Energizer Holdings. Out of 817 times, ENR closed higher 52.02% 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 56.43% with an average market move of 0.32%.