EXPE closes lower for the 2nd day in a row
Expedia Group Inc. (EXPE) Technical Analysis Report for Mar 27, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, EXPE finished the week 23.01% higher at 60.03 after losing $4.38 (-6.8%) today, strongly underperforming the Nasdaq 100 (-3.91%). Closing below Thursday's low at 60.86, the market confirmed its breakout through the previous session low after trading up to $3.16 below it intraday.
Daily Candlestick Chart (EXPE as at Mar 27, 2020):
Friday's trading range has been $4.22 (6.82%), that's far below the last trading month's daily average range of $7.38. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EXPE.
One bullish candlestick pattern matches today's price action, the Bullish Hikkake Pattern. The last time a Bullish Hikkake Pattern showed up on March 2nd, EXPE actually lost -1.59% on the following trading day.
Prices are trading close to the key technical support level at 56.89 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Expedia Group. Out of 304 times, EXPE closed higher 54.28% 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 59.87% with an average market move of 0.82%.