EXPE closes within previous day's range
Expedia Group Inc. (EXPE) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
EXPE finished the week 16.76% higher at 77.95 after gaining $0.94 (1.22%) today, outperforming the Nasdaq 100 (0.38%) ahead of tomorrow's Memorial Day market holiday. Trading up to $2.15 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (EXPE as at May 22, 2020):
Friday's trading range has been $3.93 (5.11%), that's slightly below the last trading month's daily average range of $4.12. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EXPE.
After trading down to 74.81 earlier during the day, Expedia Group bounced off the key technical support level at 76.54 (S1). The failure to close below the support could increase that levels importance as support going forward. After having been unable to move lower than 75.14 in the previous session, the market found buyers again around the same price level today at 74.81. The last time this happened on Wednesday, EXPE actually lost -3.23% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the close-by swing high at 83.11 where further buy stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Expedia Group. Out of 460 times, EXPE closed higher 55.43% 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 57.83% with an average market move of 0.96%.