EXPE runs into sellers again around 83.15
Expedia Group Inc. (EXPE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
EXPE finished the month 3.42% higher at 82.20 after edging lower $0.47 (-0.57%) today, notably underperforming the Nasdaq 100 (1.96%). 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 (EXPE as at Jun 30, 2020):
Tuesday's trading range has been $2.29 (2.75%), that's far below the last trading month's daily average range of $4.68. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EXPE.
Prices are trading close to the key technical resistance level at 83.11 (R1). After having been unable to move above 82.82 in the prior session, the stock ran into sellers again around the same price level today, missing to move higher than 83.15. The last time this happened on June 24th, EXPE actually gained 1.82% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might speed up should prices move above the close-by swing high at 83.95 where further buy stops could get activated.
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 Expedia Group. Out of 777 times, EXPE closed higher 54.83% 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 56.50% with an average market move of 0.68%.